China Energy Development to Overhaul Capital Structure, Launch Rights Issue; Shares Plunge 27%

MT Newswires Live

Aug 15

China Energy Development Holdings (HKG:0228) will carry out a capital reorganization, comprising a share consolidation, capital reduction, and share subdivision, followed by a 1-for-2 rights issue at HK$1.57 per share, according to a Thursday Hong Kong bourse filing.

Shares of the natural gas distributor lost over 27% in Friday afternoon trade.

The rights issue, which could raise up to HK$236.7 million in net proceeds, will be conducted on a non-underwritten basis.

Funds will be used to strengthen capital reserves and finance natural gas projects in China.

The reorganization and rights issue may also lead to adjustments in the conversion prices of the company's outstanding convertible bonds, which are convertible into 1.386 billion shares at HK$0.168 each.

The extraordinary general meeting circular is expected on or before Aug. 29, with the rights issue prospectus due around Nov. 19.

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