Property group C&D International drops on discounted share sale for loans repayment

C&D International Investment

30/11/2022 03:07

** Shares of property developer C&D International Investment
Group Ltd  1908.HK  fall as much as 11.9% to HK$17.50, their
biggest daily pct decline since Oct. 24 if losses hold
    ** Stock hits the lowest since Nov. 14; biggest pct loser in
Composite Index on properties and construction stocks  .HSCIPC 
and third-biggest loser in Hang Seng Composite Index  .HSCI   
    ** Company says it plans sales of 45 mln new shares to
controlling shareholder, raising HK$809.1 mln ($103.6 mln) for
repayment of loans and for general working capital
    ** The shares will be issued at HK$17.98 apiece,
representing 9.5% discount to previous close of HK$19.86 each
    ** The controlling shareholder will buy the new shares
following sales of the same amount of existing shares at the
same price to third party investors in a top-up shares placement
    ** Hang Seng Mainland Properties Index  .HSMPI  drops 2.7%,
and Hang Seng Composite Index on properties and construction
stocks  .HSCIPC  falls 1.4%
    ** Hang Seng Composite Index  .HSCI  gains 0.2% and Hang
Seng Index  .HSI  climbs 0.1%
    ** As of last close, the stock had surged 20.8% this year
($1 = 7.8097 Hong Kong dollars)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))