TCC International mulls 3-for-20 open offer
TCC International said it proposed to raise about HK$2.42bn by way of an open offer of about 494 million offer shares at a subscription price of HK$4.9 apiece, representing a premium of about 52% to the closing price of HK$3.23, on the basis of three offer shares for every 20 ordinary shares.
The net proceeds of about HK$2.418bn will be used to fund the acquisition of Scitus Cement (China) Holdings Limited and certain cement and clinker production facilities in Chongqing, Jiangxi province, and Zhejiang province.
Each new convertible preference share shall confer on the holder thereof the right to receive a preferred distribution from the issue date at a rate of 1% per annum on the issue price, payable semi-annually in arrears.
Published under Cement News
