China Resources Power sinks to 5-week low on discounted placement

China Resources Power Holdings

23/10/2024 03:29

** China Resources Power Holding  0836.HK  drops 11.2% to
HK$18.42, lowest since Sept. 16
    ** Stock top pct loser on Hang Seng Index  .HSI  and Hang
Seng Composite Index  .HSCI 
    ** Power plant operator planning to raise HK$3.89 bln
($500.5 mln) via placement of 198.5 mln shares at HK$19.70 - a
5.1% discount to last close - to repay debt among other things
    ** In separate deal, co will issue 168.1 mln shares to its
controlling shareholder China Resources (Holdings) under a
subscription agreement for HK$3.31 bln
    ** Hang Seng Commerce and Industry Index  .HSNC  gains 1.3%,
 Hang Seng Composite Index  .HSCI  and Hang Seng Index  .HSI  up
1% each
    ** Stock adds 23.8% YTD
    
($1 = HK$7.7727)

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