Chaoda raises $229 million from primary placement

Second time lucky for the fruit and vegetable producer, after a false start in April.

Chaoda Modern Agricultural yesterday raised HK$1.78 billion $229 million from a placement of new shares. The deal comes less than two months after the company abandoned a similar deal, which resulted in a sharp dip in the share price.
The base deal consisted of 337 million new shares that were offered at a fixed price of HK$4.60 a share, providing a 14% discount to the last trading price of HK$5.35. Due to high levels of demand,...

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