HK-listed developer C&D drops most in 10 months on discount share sale

C&D International Investment

13/07/2022 09:07

** Shares of property developer C&D International Investment
Group Ltd  1908.HK  fall as much as 9% to HK$16.80, their
biggest daily pct decline since Sept. 16 last year
    ** Stock hit the lowest since May 31 and on course for third
consecutive session of losses
    ** Co plans sale of 30 mln new shares to controlling
shareholder, Well Land International Ltd, raising HK$510 mln
($64.97 mln) to repay loans and for general working capital
 urn:newsml:reuters.com:*:nFWN2YT3V2
    ** The new shares will be issued at HK$17 each, or 7.9%
discount to Tuesday's close of HK$18.46 each
    ** Controlling shareholder will buy the new shares on
completion of sales of the same amount of existing shares at the
same price to third party investors
    ** Hang Seng Mainland Properties Index  .HSMPI  drops 4.2%
and Hang Seng Composite Index on properties and construction
stocks  .HSCIPC  falls 1.3%
    ** The Hang Seng Composite Index  .HSCI  slips 0.1% and the
Hang Seng Index  .HSI  edges down 0.04%



($1 = 7.8498 Hong Kong dollars)

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