Kinetic Dev Shares Slump Over 8% on Proposed Share Placement to Raise HK$309 Million

Stock News06-04

Shares of Kinetic Dev (01277) fell sharply by over 8% during the morning trading session.

At the time of writing, the stock was down 8.02% to HK$1.95, with a turnover of HK$4.1081 million.

The decline follows the company's announcement of a proposed placement of 170 million new shares.

The placement price is set at HK$1.85 per share, representing a discount of approximately 12.74% to the previous trading day's closing price.

The net proceeds from the placement are expected to be around HK$309.3 million.

These funds are intended to be used primarily for procurement related to the mining and transportation operations of its subsidiary in South Africa, to supplement the working capital of MC Mining Limited, for expenses related to the rutile mine project in Sierra Leone, and for other general working capital purposes.

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