China Resources Gas raises $350 million from top-up placement

The share price dips 9.1% in morning trading after the deal is priced at an aggressive 8.2% discount.

China Resources Gas Group CR Gas, a distributor of natural gas, petroleum gas and liquefied petroleum gas LPG in China, has raised HK$2.71 billion $350 million from a top-up placement, taking advantage of a sharp run-up in its share price. The stock gained 4.5% to a fresh five-year high on Monday and was up 66% year-to-date before the deal.

The company, which has been expanding aggressively through acquisitions in recent years, is viewed...

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