China’s Dongwu Cement to generate HKD 52mn via shares placement

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Updated Tue, 03 Feb 2015 15:10:27 GMT

In order to replenish working capital and support the acquisition of the entire shares in Shanghai Biofit Environmental Technology, Dongwu Cement International plans to raise around HKD 51.30 million (US$6.62 million) in net proceeds through the placement of shares worth around HKD 52 million.

As much as 40 million new shares or 7.25% enlarged issued share capital of the China-based cement and clinker producer will be placed at a price of HKD 1.3 apiece.

The shareholding of Goldview Development in Dongwu Cement will be reduced from 58.11% to 53.89% after the shares placement.