HK-listed China Nonferrous Mining falls most in two months on discounted share sale

China Nonferrous Mining

07/05/2021 03:17

** Shares of exploration and copper mining group China
Nonferrous Mining Corp Ltd  1258.HK  fall as much as 11.5% to
HK$4, their lowest since April 28
    ** Stock marks worst day since March 4; the second-most
actively traded shares by turnover 
    ** The Beijing-based miner plans sale of 250 mln new shares
to major shareholder China Nonferrous Metal Mining (Group) Co
Ltd, raising HK$990 mln ($127.5 mln) for business expansion,
strategic investment and working capital (https://bit.ly/3ut7dvt)
    ** New shares will be issued at HK$3.96 each, or 12.4%
discount to Thursday's close of HK$4.52
    ** Says the 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
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
gains 0.6%
    ** The Hang Seng China enterprises index  .HSCE  climbs
0.5%, and the benchmark index  .HSI  is up 0.7%
    ** As of last close, stock up 105.5% this year
    ($1 = 7.7669 Hong Kong dollars)

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