HK-listed solar power group GCL New Energy falls on discounted share sale

Dynasty Digital Holdings

10/02/2021 02:52

** Shares of solar power plants operator GCL New Energy
Holdings Ltd  0451.HK  fall as much as 11.3% to HK$0.47, on
track to snap two straight sessions of gains 
    ** Stock, last down 7.5%, is poised for worst day since Feb.
1 and is the fifth most actively traded shares on the Hong Kong
bourse in early trade 
    ** Co. has agreed to sell 2 bln new shares, or 9.49% of the
enlarged share capital, to controlling shareholder GCL-Poly
Energy Holdings Ltd  3800.HK  raising HK$910 mln ($117.4 mln)
for repayment of existing borrowings  urn:newsml:reuters.com:*:nFWN2KF185
    ** The new shares will be issued at HK$0.455 apiece, or
14.15% discount to Tuesday's close of HK$0.53 each 
    ** GCL-Poly will buy the new shares on completion of sales
of the same amount of existing shares at the same price to 
third party investors
    ** Shares of GCl-Poly slips 3.7%
    ** The Hong Kong Hang Seng Commerce & Industry Index  .HSNC 
rises 1.5%
    ** Both the Hang Seng China enterprises index  .HSCE  and
the benchmark index  .HSI  climb 1.5%

($1 = 7.7522 Hong Kong dollars)

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