China MeiDong Auto Holdings Limited (01268) said the company, the vendor and the placing agents have entered into a placing and subscription agreement.
The placing agents have agreed to place 81 million placing shares at the placing price of HK$15.84 per share. The vendor has agreed to subscribe for, and the company has agreed to issue to the vendor, 81 million subscription shares at the subscription price.
The number of the placing shares represents approximately 6.51% of the enlarged total number of shares. The placing price represents a discount of approximately 9.90% to the closing price of HK$17.58 per share on 2 June 2020.
The gross proceeds are expected to be approximately HK$1.28 billion and the net proceeds will be approximately HK$1.26 billion. The company intends to use approximately 70% of the net proceeds for opportunistic mergers and acquisitions purpose; and approximately 30% of the net proceeds as general working capital of the group.
全新節目《說說心理話》青少年不可以戀愛！？真實個案講述驚心動魄經歷► 即睇
