HK-listed Times Neighborhood falls on discounted share sale plan

Times Neighborhood Holdings

07/07/2020 04:05

** Times Neighborhood Holdings Ltd  9928.HK  falls as much
as 6% to HK$10.32, its lowest since June 30, on discounted share
sale plan
    ** Property management services provider's stock heads for
its worst day since June 8, last down 4.6% at HK$10.48
    ** Guangdong-based co plans to sell 77 mln new shares to
major shareholder Asiaciti Enterprises Ltd at HK$10.22/share,
raising HK$787 mln ($101.6 mln)  urn:newsml:reuters.com:*:nFWN2ED0N8
    ** Issue price represents a 6.92% discount to Monday's 
closing price 
    ** Asiaciti will buy the new shares on the completion of
sale of the same amount of existing shares at the same price to
third-party investors
    ** Times Neighborhood will use the proceeds for potential
strategic investment and acquisition, and for working capital 
    ** As of last close, stock had risen 126.4% this year
    ** The Hang Seng China enterprises index  .HSCE  slides
0.2%, and the benchmark index  .HSI  down 0.3%

($1 = 7.7500 Hong Kong dollars)

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