Shin Hwa World Seeking HK$35 Million via Stock Offering; Shares Gain 12%
MT Newswires Live
Jun 30
Shin Hwa World (HKG:0582) is looking to raise over HK$35 million via the sale of shares, according to a bourse filing Friday.
Shares gained nearly 12% in afternoon trade Monday.
The resort developer is looking to sell nearly 304.3 million shares at HK$0.118 apiece to raise the funds. The shares represent around one-fifth of the company and are being sold at a discount of over 18% to Shin Hwa's five-day weighted average price.
Shin Hwa World will use the funds to pay bank interest and upgrade its systems, among other things.
SR Wealth Securities is acting as the placing agent for the offering.
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