China Resources Cement falls after plan to sell shares at discount

China Resources Building Materials Technology Holdings

12/06/2018 02:42

** Shares of China Resources Cement Holdings Ltd  1313.HK 
fall 12.8 pct to HK$9, lowest since June 1
    ** Cement and concrete producer plans to sell 450 mln new
shares to its controlling shareholder, raising HK$4.19 bln ($534
million) for business development, to repay debt and for working
capital  urn:newsml:reuters.com:*:nL4N1TE06I
    ** Shares will be sold at HK$9.30 apiece, a 9.88 pct
discount to previous close
    ** As of 0135 GMT, about 490.3 mln shares had been traded,
compared with the 30-day moving average of 24.86 mln shares a
day
    ** Of the 17 analysts covering China Resources Cement, the
current average rating is "buy"; the breakdown of
recommendations is 14 "strong buy" or "buy", two "hold" and one
"sell" or "strong sell". Mean price target HK$9.19
    ** Hong Kong benchmark stock index  .HSI  up 0.2 pct

 (RM: donny.kwok.thomsonreuters.com@reuters.net)