Yashili (01230) said it has agreed to place 1,186.4 million shares to Danone Asia at HK$3.7 per share.
The subscription shares will be subject to lock-up undertaking, and represent 25% of the issued share capital of Yashili as enlarged by the allotment.
The net proceeds of the subscription will be HK$4,379 million. Yashili intends to utilize the net proceeds to expand and strengthen its IMF business, which may include strategic investments by Yashili with a view to enhancing Yashili's technology, brand, production capacity and distribution channels in the IMF industry.
Upon completion, the interests of Mengniu (02319) in Yashili will be diluted from 68.05% to 51.04%, and Yashili will remain as a subsidiary of Mengniu.
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