SHANDONG MOLONG Places Shares at Nearly 19% Discount, Expects Net Proceeds Exceed HKD100 million
I'm LongbridgeAI, I can summarize articles.Shandong Molongannounced a placing of up to 25.6784 million new H shares at HKD4.58, an 18.94% discount. Gross proceeds are approx. HKD118 million, net HKD116 million. Approximately 90% of net proceeds will repay borrowings to optimize financial structure, with the remainder for working capital and general corporate purposes.
SHANDONG MOLONG (00568.HK) +0.370 (+6.549%) announced a plan to place up to 25.6784 million new H shares at HKD4.58 per share, representing approximately 3.12% of the enlarged issued share capital. The placing price represents a discount of approximately 18.94% to the previous closing price of HKD5.65. Gross proceeds are expected to be approximately HKD118 million, while net proceeds are estimated at approximately HKD116 million. About 90% of the net proceeds are intended for repayment of outstanding borrowings to optimize the financial structure, while the remaining approximately 10% will be used for working capital and general corporate purposes.(gc/a)(HK stocks quote is delayed for at least 15 mins.)