China XLX Fertiliser hits over 4-week low on discounted share sale

China XLX Fertiliser

20/04/2022 04:07

** Shares of compound fertilizer manufacturer China XLX
Fertiliser Ltd  1866.HK  fall as much as 7.8% to HK$6.85, their
lowest since March 21
    ** Stock on track for a second session of losses; the
eighth-most actively traded by turnover
    ** Co plans to sell 56.5 mln new shares to major shareholder
Go Power Investments Ltd for HK$367.25 mln ($46.82 mln), raising
proceeds to strengthen financial positions and fund potential
mergers and acquisitions (https://bit.ly/388FDO1)
    ** Says shares will be sold at HK$6.50 apiece, representing
a 12.52% discount to Tuesday's close 
    ** Go Power will buy the new shares on completion of sales
of 78.50 mln existing company shares at the same price to
third-party investors
    ** The Hang Seng Commerce & Industry Index  .HSNC  gains
0.3%, while the Hang Seng Composite Index, which tracks
industrials  .HSCIIG , falls 1.1%
    ** The Hang Seng Composite Index  .HSCI  slips 0.2% and the
benchmark Hang Seng Index  .HSI  edges down 0.1%

     ($1 = 7.8433 Hong Kong dollars)

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