China's Tian Lun Gas set for worst day on record on discounted share sale
22/02/2022 03:29
** Shares of China's urban pipeline gas operator Tian Lun
Gas Holdings Ltd 1600.HK plunge 27% to HK$7.03, on track for
their biggest daily percentage drop since debut in November 2010
** Stock hits the lowest since Nov. 24, extending losses for
a second session; biggest percentage decliner in the Hang Seng
Composite Index .HSCI and index tracking utilities .HSCIU
** Co says it has agreed to sell 50 mln new shares to
controlling shareholder Tian Lun Group Ltd, raising HK$420 mln
($53.84 mln) for development of rooftop photovoltaics projects
and clean energy heating services urn:newsml:reuters.com:*:nFWN2UW0W5
** New shares to be sold at HK$8.40 apiece, representing a
12.8% discount to Monday's close
** Co says controlling shareholder will buy the new shares
following its sale of the same amount of existing shares at the
same price to third party investor
** Hang Seng Composite Index tracking utilities plunges 3.5%
** The Hang Seng Composite Index falls 3% and the benchmark
Hang Seng Index .HSI drops 3.2%
($1 = 7.8015 Hong Kong dollars)
(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))