Yangtze Optical Fibre To Raise HK$2.2 Billion via H-Share Placement

MT Newswires Live12-10

Yangtze Optical Fibre And Cable Joint Stock Company (HKG:6869, SHA:601869) will raise about HK$2.23 billion in net proceeds through a placement of 70 million new H shares at HK$32.26 each, according to a Wednesday Hong Kong bourse filing.

The placing price represents a 14.9% discount to the last close and a 9.8% discount to the five-day average.

The new shares account for 9.24% of the company's existing share capital and 8.46% of its enlarged base after completion.

The shares will be allotted to at least six professional and institutional investors, all of whom are independent third parties.

Yangtze Optical said it will use about 80% of the proceeds to expand its overseas business, with the balance earmarked for general working capital.

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