HK-listed electrical appliances maker JS Global falls on discounted stock sale plan

JS Global Lifestyle

24/09/2020 02:58

** Shares of electrical appliances maker JS Global Lifestyle
Co Ltd  1691.HK  fall as much as 14.5% to HK$13.72, their lowest
since Sept. 11, on track for second consecutive session of fall
    ** Stock is the most actively traded in early late, and the
biggest percentage decliner on the Hong Kong bourse 
    ** Shares last down 10.8%, heading for the worst day since
Aug. 12
    ** Co plans sale of 76.46 mln new shares to shareholder Easy
Home Ltd, raising HK$1.08 bln ($139.4 mln) for repayment of
revolving credit facilities and for working capital  urn:newsml:reuters.com:*:nFWN2GK106
    ** Co says the new shares will be sold at HK$14.12 apiece,
an 11.97% discount to Wednesday's close of HK$16.04 each
    ** Co says Easy Home will buy the new sales on completion of
sale of 109.23 mln existing shares at the same price to third
party investors, reducing its stake to 7.54% from 8.67% 
    ** Both the Hang Seng China enterprises index  .HSCE  and
the benchmark index  .HSI  fall 1.2%
    ** As of last close, the stock has soared 206.6% this year
     
($1 = 7.7501 Hong Kong dollars)

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