Sanergy Group's Rights Issue Undersubscribed; Shares Jump 5%

MT Newswires Live

Aug 13

Sanergy Group (HKG:2459) said its recent rights issue was under-subscribed, with shareholders taking up 61.2% of the total shares on offer, according to a Tuesday Hong Kong bourse filing.

Shareholders only subscribed for about 348.6 million rights shares out of the 570 million shares in the offer by the Aug. 8 deadline.

Shares of the graphite electrode maker climbed more than 5% in Wednesday afternoon trading.

The remaining 221.4 million unsubscribed shares will be placed with investors between Aug. 13 and Aug. 19 under compensatory arrangements, with any net gain above costs distributed pro rata to eligible shareholders.

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