HK subcontractor Chong Kin Group falls on discounted share sale

Chong Kin group

27/04/2021 07:35

** Shares of concrete placing services provide and public
projects subcontractor Chong Kin Group Holdings Ltd  1609.HK 
fall as much as 11.1% to HK$6.40
    ** Stock is on course for the worst session since April 22;
among one of the 30 biggest percentage decliners on the Hong
Kong bourse
    ** Company plans sale of 45.49 mln new shares, or 4.02% of
the enlarged share capital, to third party investors raising
HK$263.8 mln ($34 mln) for acquisition and for general working
capital (https://bit.ly/3dQAytX)
    ** The shares will be issued at HK$5.80 apiece, representing
19.4% discount to Monday's close of HK$7.20
    ** Both the Hong Kong Hang Seng Commerce & Industry Index
 .HSNC  and the benchmark index  .HSI  edge down 0.1%
    ** As of the previous close, the stock had risen 79.1% this
year
    ($1 = 7.7619 Hong Kong dollars)

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