China's Agile falls most in three weeks on discounted share sale

Agile group

11/01/2023 01:56

** Shares of China property developer Agile Group Holdings
 3383.HK  fall as much as 10.8% to HK$2.32, their biggest
intraday pct decline since Dec 20, 2022
    ** Stock hit its lowest since Jan 3, on course to snap seven
straight sessions of gains 
    ** Stock is biggest pct decliner in Hang Seng Composite
Index, which tracks properties and construction stocks
 .HSCIPC , and second-biggest loser in Hang Seng Composite Index
 .HSCI  
    ** Agile plans sale of 219.5 mln new shares, or 4.67% of the
enlarged share capital, to major shareholder Top Coast
Investment, raising HK$489.2 mln ($62.64 mln) net proceeds for
repaying outstanding coupon payments for senior unsecured bonds
due 2025 and for refinancing of existing indebtedness
 urn:newsml:reuters.com:*:nFWN33V43F
    ** The Guangdong-based developer says the new shares will be
issued at HK$2.25 apiece in the top-up share placement,
representing a 13.5% discount to stock's last close 
    ** Says Top Coast will buy the new shares following sale of
the same amounting of existing shares at the same price to third
party investors 
    ** Hang Seng Mainland Properties Index  .HSMPI  eases 0.4%
and Hang Seng Composite Index on properties and construction
stocks  .HSCIPC  slips 0.2%
    ** Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  both climb 0.6%
     ($1 = 7.8098 Hong Kong dollars)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))