Techtronic Industries courts new equity investors

The Hong Kong-listed power equipment manufacturer takes advantage of its soaring share price to raise HK$377 million ($48 million from a share placement.

With CLSA as lead manager a 60 million share placement was completed late on Thursday at HK$6.275 - a 4.9% discount to the stock's close earlier that lunchtime when it was suspended.

Representing 24 days trading, the deal accounted for 10.34% of the company's existing share capital, or 8% of its expanded share capital. Just over 50 accounts participated in the transaction, adding welcome liquidity to a company, which while well tracked by institutional accounts relative to its size, only has a market capitalization of $500 million. Pre-issue, the company had a freefloat of 66%, with chairman Horst Pudwill owning a further 22.5% and managing director Roy Chung a further 11.5%.

Having returned 261.33%...

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