Kingboard Group Plans to Sell Stake in KB Laminates at a Discount

Stock News03-19

Shares of the Kingboard group declined in today's trading session. As of the time of writing, KINGBOARD HLDG (00148) fell 5.1% to HK$37.56, while KB LAMINATES (01888) dropped 3.63% to HK$21.22.

The downturn follows an announcement from KINGBOARD HLDG regarding its intention to place up to 130 million shares of KB LAMINATES at an approximate discount of 8.7%. These shares represent about 4.15% of KB LAMINATES' total issued share capital as of the announcement date.

Upon completion of the transaction, KINGBOARD HLDG's stake in KB LAMINATES will decrease from 71.10% to 66.95%, with the latter remaining a subsidiary. KINGBOARD HLDG has committed not to dispose of any further shares for 90 days following the date of the block trade agreement.

The company stated that the share placement aims to enhance the trading liquidity of the shares in the market, broaden the shareholder base, stimulate more active trading, and improve the overall market profile of the company.

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