China Renaissance (HKG:1911) placed a $12 million three-month fiduciary time deposit through LGT Bank, with the funds deposited at CTBC Bank, according to a Monday Hong Kong bourse filing.
The deposit carries an annual interest rate of 4.08% and is scheduled to mature on or about Oct. 22. The investment is part of the group's treasury management strategy to enhance returns on its working capital.
Shares of the company fell 1% in recent trade.
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