Stock Track | TIME INTERCON Plummets 6.09% Intraday Following Share Placement Announcement at 13.58% Discount

Stock Track05-12

TIME INTERCON (01729) saw its stock price plummet 6.09% during intraday trading on Tuesday, as investors reacted to the company's announcement of a substantial share placement at a significant discount to the previous closing price.

The sharp decline followed the company's disclosure of plans to place approximately 138 million new shares at HK$21.00 per share, representing a 13.58% discount to the HK$24.30 closing price from the previous trading session. The placement is expected to raise gross proceeds of about HK$2.9 billion, with net proceeds estimated at approximately HK$2.885 billion after deducting related expenses.

The new shares represent approximately 6.6% of the company's existing issued share capital and about 6.19% of the enlarged share capital. According to the company's announcements, the proceeds will be used for overseas expansion, balance sheet strengthening including bank debt repayment, strategic investments and acquisitions, and general working capital purposes.

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