Agile Group drops most in near 9 months on discount share sale

Agile group

01/08/2023 03:09

** Shares of Chinese property developer Agile Group Holdings
Ltd  3383.HK  fall as much as 18.8% to HK$1.12, lowest since
July 24
    ** Stock marks the biggest one-day pct drop since Nov. 16,
2022 if losses hold; biggest pct loser in Hang Seng Composite
Index on properties and construction stocks  .HSCIPC  
    ** Company plans sale of 346 mln new shares to Top Coast
Investment, raising net proceeds of HK$387 mln ($49.63 mln) for
repayment of existing indebtedness and general corporate
purposes 
    ** The new shares will be sold at HK$1.13 apiece,
representing a 18.1% discount to previous close of HK$1.38 
    ** Top Coast Investment will buy the new shares following
sale of the same amount of existing shares at the same price to
third party investors
    ** Hang Seng Mainland Properties Index  .HSMPI  rises 1.3%
and Hang Seng Composite Index tracking properties and
construction stocks  .HSCIPC  climbs 0.4%
    ** Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both add 1%
    ** As of last close, the stock had dropped 40.3% this year


($1 = 7.7981 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))