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2008-1-29 11:33:00 a.m. HKT, XFNA
Hong Kong-listed Artfield Group to raise 280 mln hkd via shares and bonds sale
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HONG KONG (XFN-ASIA) - Artfield Group Ltd, a clocks and office products
trading firm, said it is to raise 280 mln hkd via the sale of shares and
bonds.
It has agreed to place 400 mln new shares to third party investor Ascent
Goal Investments Ltd at 0.20 hkd per share for a total of 80 mln hkd.
The subscription price of 0.20 hkd is at a discount of 86.8 pct to
Artfield's last closing price of 1.51 hkd.
The placement shares represent 56.78 pct of the enlarged issued share
capital of Artfield.
Separately, Ascent Goal has also agreed to subscribe for 200 mln hkd
worth of Artfield convertible bonds upon completion of the share placement.
Upon full conversion of the bonds at 0.20 hkd per share, 1.0 bln new
Artfield shares will be issued to Ascent Goal, representing 58.67 pct of the
enlarged issued share capital of Artfield.
Artfield plans to expand into the natural resources business and
properties market in China with the proceeds from the fund-raising exercise.
At 11.12 am, shares of Artfield were trading down 0.11 hkd or 7.28 pct at
1.40.
( 1 usd = 7.8 hkd)
george.ng@xfn.com
gn/kmq xfngn/xfnkm
MMMM
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