China's Zhaojin falls most in 10 months on discounted share sale, sweetened bid for Tietto

Zhaojin Mining Industry Co

15/04/2024 03:40

** Shares of Zhaojin Mining Industry Co Ltd  1818.HK  fall
10.5% to HK$13.08, their biggest intraday pct drop since June 5,
2023 
    ** Stock on track to snap five straight sessions of gains,
and is biggest pct loser in Hong Kong's material index  .HSCIM 
and third-biggest decliner in Hang Seng Composite Index  .HSCI  
    ** Zhaojin Mining said on Monday it will sweeten its offer
for the shares it does not already own in Australian gold
explorer Tietto Minerals  TIE.AX  to A$0.68 apiece from A$0.58
for up to about A$733 mln ($474 mln)
    ** The Chinese gold miner also plans sale of 132 mln new
shares to third-party investors at HK$13.20 apiece, or a 9.7%
discount to Friday's HK$14.62 close, raising HK$1.74 bln
($222.06 mln) for replenishing working capital and repaying bank
loans 
    ** Shares of the Perth-headquartered firm climb as much as
3.1% to A$0.67, their highest since April 19, 2023
    ** Hong Kong's material index  .HSCIM  falls 2.2%, Hang Seng
Composite Index  .HSCI  slips 0.6% and Hang Seng Index  .HSI 
eases 0.7%
    ** Zhaojin Mining stock up 38.4% YTD, Tietto Minerals shares
up 7.4% YTD   
    ($1 = 7.8358 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))