HK's FDG Electric Vehicles falls; plans to sell shares at discount

FDG Electric Vehicles

26/06/2018 03:09

** Shares of FDG Electric Vehicles Ltd  0729.HK  fall 14.7
percent to HK$0.116, after it plans to sell share at discount.
** The electric vehicle maker plans to sell up to 1 billion new
shares at HK$0.109 apiece, or 19.85 percent discount to previous
close.  urn:newsml:reuters.com:*:nFWN1TR0JM
** Company, with market value of $357 million, aims to raise net
proceeds of HK$104 mln to repay debt and for working capital.
** CITIC Group Corp's  CITIC.UL  stake in FGD will be reduced to
10.57 percent after the deal, from 11.04 percent.        
** As of 01:52 GMT, about 35.64 million shares of the electric
vehicle maker have been traded, compared with their 30-day
moving average of 208.85 million shares a day.
** Hong Kong benchmark index  .HSI  falls 0.5 percent.

($1 = 7.8473 Hong Kong dollars)

 (RM: donny.kwok.thomsonreuters.com@reuters.net)