Shun Tak (HKG:0242) to Raise Up to $2B via Rights Issue

   Date:2012/01/29

Shun Tak Holdings (HKG:0242) has proposed rights issue of 814.6-966.2 million rights shares at the subscription price of HK$2.02 each on the basis of 3 rights shares for every 8 existing shares held on the record date, raising HK$1.646-1.952 billion. The net proceeds of HK$1.61-1.91 billion, which will be used for general working capital purposes and for financing new investment opportunities.

The rights shares represent 27.27% of the company's issued share capital as enlarged by the rights issue. The subscription price represents a discount of 35.7% to the stock's closing price of HK$3.14 per share yesterday.

The undertaking shareholders, namely Hanika Realty Company Limited, Pansy Ho, Daisy Ho and Maisy Ho, holding in aggregate 39.41% of the issued share capital of Shun Tak have irrevocably undertaken to take up by way of their respective rights entitlement under the rights issue. Megaprosper Investments Limited, owned by Pansy Ho, Daisy Ho and Maisy Ho has agreed to underwrite 115.6-172 million shares. The split of the balance of such rights shares to be underwritten by The Hongkong and Shanghai Banking Corporation Limited (HSBC) and Platinum Securities Company Limited is 75% and 25%, respectively.



 

Source:chinesestock.org

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