TIME INTERCON (01729) announced that on May 11, 2026 (after trading hours), the company entered into a placement agreement with a placing agent. According to the agreement, the placing agent has conditionally agreed to use its best efforts to procure subscriptions for 138 million new shares from no fewer than six placees at a placing price of HK$21.00 per share.
The placing price of HK$21.00 per share represents a discount of approximately 13.58% compared to the closing price of HK$24.300 per share on The Stock Exchange of Hong Kong Limited on May 11, 2026, which was the last trading day.
The number of placement shares represents approximately 6.60% of the company's existing issued share capital as of the date of this announcement, and approximately 6.19% of the company's issued share capital as enlarged by the allotment and issue of the placement shares, assuming no change in the company's issued share capital from the date of this announcement to the settlement date.
Assuming all placement shares are successfully placed, the gross proceeds from the placement are expected to be approximately HK$2.9 billion. The net proceeds from the placement, after deducting related expenses such as placing commissions and professional fees, are expected to be approximately HK$2.885 billion. This is equivalent to an estimated net issue price of approximately HK$20.89 per placement share.
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