Country Garden Services, Seazen drop on share sale

Country Garden Services Holdings

12/12/2022 02:13

** Shares in Country Garden Services Holdings Company
Limited  6098.HK  and Seazen Group Ltd  1030.HK  plunge after
controlling shareholder and company, respectively, sold shares
on discount
    ** Country Garden Services, the property services arm of
real estate giant Country Garden  2007.HK , plummets as much as
18.4% to HK$19.54 to a one-week low
    ** Property developer Seazen drops as much as 13.3% to
HK$3.52 to also a one-week low
    ** Country Garden Services says chairman Yang Huiyan
disposed 7.03% shares at HK$21.33 apiece in a block trade on
Friday, raising HK$5.06 billion ($649.77 million)
    ** After the disposal, Yang's stake drops to 36.12%
    ** Seazen says it agreed to sell 8.61% new shares in a
top-up placement at HK$3.5 per share, raising HK$1.96 billion
    ** The placing price represents 13.8% to Friday's closing
price
    ** Seazen says the placement will strengthen its financial
position and liquidity and provide funding to its offshore
repayments
    ** Hang Seng Mainland Properties Index  .HSMPI  declines
4.8%
($1 = 7.7874 Hong Kong dollars)
 ((clare.jim@tr.com))