Kingkey Financial to Acquire 6 Million Shares in SIX-listed Youngtimers

MT Newswires Live09-25

Kingkey Financial International (HKG:1468) agreed to acquire 6,000,000 shares of Youngtimers, a SIX Swiss Exchange-listed investment firm, from IndexAtlas for 4.32 million Swiss francs.

The consideration will be settled by issuing and allotting 93,786,894 new shares to the vendor at HK$0.423 apiece, a Tuesday filing with the Hong Kong Exchange said.

The shares to be acquired represent around 8.33% of the target's enlarged issued share capital.

The securities broker said it seeks to diversify its revenue streams through this acquisition and expects to utilize the target's expertise and network to expand its shareholder and capital base.

The company's shares closed almost 30% higher on Wednesday.

Price (HKD): $0.59, Change: $+0.14, Percent Change: +29.67%

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