Zhong Jia Guo Xin to Raise HK$43.3 Million via 2-for-1 Rights Offering

MT Newswires Live

Sep 16

Zhong Jia Guo Xin (HKG:0899) said it was looking to raise up to HK$43.3 million via a rights offering, according to a Hong Kong bourse filing Monday.

Shares of the property developer fell over 7% in morning trade Tuesday.

The company is looking to sell a total of 296,772,672 rights shares on the basis of 2 rights shares for every one share held in the firm. The shares are priced at HK$0.146 each.

The rights shares represent 200% of the company's issued share capital and 66.67% on an enlarged basis.

The rights offering is subject to shareholder approval.

Shares unsubscribed in the rights offering will be offered to the public under a placing agreement with Silverbricks Securities, the company said.

Funds raised will primarily be used to settle the company's trade payables, as well as general working capital.

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