HK's AviChina hits 2-month low, plans share sale at discount

AviChina Industry & Technology Co

14/12/2018 02:33

** Shares of AviChina Industry & Technology Co Ltd  2357.HK 
fall as much as 9.6 pct to HK$4.83, their lowest since Oct 15,
after the civil aviation products maker plans to sell shares at
a discount to raise capital for fund investments
    ** Co plans to sell 279 mln new shares, or 4.47 pct of its
enlarged share capital, to third-party investors to raise
HK$1.35 bln ($172.9 mln) for investment in aviation businesses
and for acquisitions of aviation assets  urn:newsml:reuters.com:*:nFWN1YI10K
    ** Co will sell the shares at HK$4.90 apiece, a discount of
8.2 pct to the previous close 
    ** As of last close, stock had risen 28.4 pct so far this
year
    ** AviChina has underperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 6.3 percentage points in the
past month
    ** Stock last down 6.4 pct at HK$5; Hong Kong benchmark
index  .HSI  falls 1.6 pct    

($1 = 7.8082 Hong Kong dollars)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)