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2005-9-26 06:16:00 p.m. HKT, XFNA
HK-listed Kantone Hldgs shareholder places, subscribes to 240 mln Kantone shrs
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HONG KONG (XFN-ASIA) - Kantone Holdings Ltd said its shareholder,
Lawnside International Ltd, which is wholly owned by its executive director
Paul Kan Man Lok, has placed 240 mln existing Kantone shares with independent
investors at 0.73 hkd each.
Kantone Holdings chairman Lo Yuk Kee said in a statement Lawnside has
also agreed to subscribe to a similar number of Kantone shares at 0.73 hkd
per subscription share.
Lo said the placement and subscription price represents a discount of
about 7.6 pct to Kantone's closing price of 0.79 hkd on September 20.
He said he expects to generate net proceeds of 168 mln bln hkd from the
share subscription, and will be used for the group's investment in future
development of its e-lottery business and for general working capital.
The placement shares represent 9.7 pct of the company's existing share
capital and 8.9 pct of its issued capital after the subscription shares issue.
Kantone was down 0.1 hkd or 12.82 pct at 0.68 at today's close.
(1 usd = 7.8 hkd)
roby.lau@xfn.com
rl/jc/net
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