HK's Langham hits near two-month low on discounted fund raising plan

Langham Hospitality Investments

17/07/2020 03:52

** Langham Hospitality Investments Ltd  1270.HK  falls 9.1%
to HK$1, its lowest since May 25; heads for its worst day since
May 13    
    ** Hotels owner and investor plans to raise HK$1.02 bln
($131.6 mln) by issuing 1.07 bln rights share stapled units to
existing holders at HK$0.95 each  urn:newsml:reuters.com:*:nFWN2EN11I 
    ** Issue price represents a 13.6% discount to Thursday's
close of HK$1.10 per share stapled unit
    ** Controlling shareholder Great Eagle Holdings  0041.HK 
has undertaken to subscribe 682.4 mln rights share stapled units
    ** Langham Hospitality to use proceeds to repay loan and for
settlement of finance costs
    ** By last close, unit had fallen 53.4% this year
    ** Langham Hospitality has underperformed the Hang Seng
Commerce & Industry Index sector  .HSNC  by 13 percentage points
in the past month
    ** The Hong Kong benchmark index  .HSI  rises 1.03%
    ($1 = 7.7529 Hong Kong dollars)

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