HK-listed China Resources Gas falls to 3-week low on discounted placement

China Resources Gas

12/05/2020 03:06

** Shares of China Resources Gas Group Ltd  1193.HK  fall as
much as 7.6% to HK$40.6, their lowest since April 20
    ** Co says it will raise around HK$3.67 bln ($473.5 mln) via
share placement
    ** It will place 90 mln shares at HK$40.81 per share to at
least six investors, 7.1% lower than stock's closing price on
Monday
    ** Placement represents around 3.9% of enlarged share
capital
    ** Co intends to use the proceeds mainly for acquisition of
more downstream city gas distribution businesses in China 
    ** Stock is the most traded by value in early morning
    ** Hang Seng Index  .HSI  drops 0.8%

($1 = 7.7508 Hong Kong dollars)

 ((Reuters Messaging: clare.jim.thomsonreuters.com@reuters.net))