Shares of China Resources Power Holdings Co. Ltd. plummeted over 5% in Hong Kong trading on Wednesday after the company announced plans to raise around $500 million through a share placement.
The Hong Kong-listed power plant operator said it will issue 198.5 million new shares, representing over 4% of its total share capital, at a price of HK$19.70 per share. The placing price is at a 5.1% discount to the stock's last closing price of HK$20.75 on October 22.
China Resources Power aims to raise around HK$3.89 billion ($500.5 million) through the share placement, with the proceeds intended to repay debt and fund general corporate purposes. The company also plans to issue an additional 168.1 million shares worth HK$3.31 billion to its controlling shareholder, China Resources (Holdings) Co. Ltd.
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