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2007-7-23 02:28:00 p.m. HKT, XFNA
Hong Kong-listed Teem Foundation announces another 119.25 mln hkd placement
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deal
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Hong Kong (XFN-ASIA) - Teem Foundation Group Ltd said it will raise gross
proceeds of 119.25 mln hkd from another placement and new share subscription
exercise by substantial shareholder Smart Town Holdings Ltd.
It said that Smart Town is placing 45 mln existing Teem Foundation shares
at a price of 2.65 hkd each, and will later subscribe to the same number of
new Teem shares at the same price.
The transaction follows a similar one last Thursday, which saw Teem
raising 427.4 mln hkd from a top-up placement of about 161.3 mln shares at 2.
65 hkd involving Smart Town.
The placement price in the latest share sale deal represents a discount
of approximately 10.17 pct to Teem Foundation's closing price last Friday.
The 45 mln placement shares represent approximately 4.67 pct of the
existing issued share capital and approximately 3.85 pct of the enlarged
issued share capital of Teem Foundation.
Teem Foundation said it intends to use the net proceeds of approximately
117 mln hkd from the latest share sale to fund a possible stake purchase in
Triple Gain Group Ltd and for general working capital.
Triple Gain's main asset is its interest in a profit stream generated
from a casino operation in Macau.
Teem Foundation said the Triple Gain deal has not been finalized and that
it is still subject to negotiations.
(1 usd = 7.8 hkd)
george.ng@xfn.com
gn/jc/rc xfngn/xfngn/xfnjcc/xfnrc
MMMM
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