China International Development (HKG:0264) agreed to acquire a 20% stake in a blockchain company for HK$100 million, according to a Hong Kong bourse filing Thursday.
The company is acquiring the stake in NVTH from NVTSH and will settle the payment HK$40 million in cash and HK$60 million via the issue of 42,253,000 shares at HK$1.42 apiece.
The shares represent 9.79% of the company's issued share capital, and 8.88% on an enlarged basis.
Meanwhile, the company said it would issue a further 44 million shares at HK$1.42 apiece to raise HK$60.9 million in net proceeds.
The company will use HK$40 million to settle the cash portion of the acquisition and use the remaining HK$20.9 million for general working capital.
The shares represent 10.19% of the company's issued share capital, and 8.49% on an enlarged basis.
Shares of the leather company jumped 55% in afternoon trade Friday.
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