Butong Secures Planned $20 Million Investment From Cyannova; Shares Jump 5%

MT Newswires Live05-22

Butong Group (HKG:6090) entered into a cooperation framework agreement with New York-based investment firm Cyannova Capital, according to a Thursday Hong Kong bourse filing.

Shares of the BeBeBus brand designer and seller were up over 5% in late morning trade on Friday.

Under the agreement, Cyannova committed to acquire Butong shares on the secondary market with a total investment of at least $20 million within one year.

The company said the investment is expected to be made through open-market transactions and will not result in a change of control.

The proposed cooperation may include joint investments in selected industry projects, project sourcing and resource integration, and the sharing of market intelligence and industry research.

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