HK online mall operator HKTV falls after $60 mln share sale plan

Hong Kong Technology Venture Co

12/02/2020 02:54

** Shares of online shopping mall Hong Kong Television
Network Ltd  1137.HK  fall as much as 13% to HK$5.23
    ** Stock is on track for a second straight session of
decline
    ** The Hong Kong-listed firm plans sale of HK$463.5 mln 
($59.7 mln) worth of new shares to its major shareholders
—chairman Paul Cheung and vice chairman Ricky Wong —  helping it
raise capital to fund expansion of its e-commerce business and
for working capital  urn:newsml:reuters.com:*:nFWN2AB15W
    ** Co will sell 90 mln new shares to the major shareholders
at HK$5.15 each, a 14.3% discount to previous close of HK$6.01
each
    ** The major shareholders will buy the new shares on
completion of sale of the same amount of existing shares at the
same price to third party investors. UBS is the placing agent 
    ** Major shareholders' combined stake in the company will be
reduced to 44.62% upon completion of the deal from 49.52%
    ** Stock is up 75.7% so far this year, as of last close
    ** Hong Kong Television Network has outperformed the Hang
Seng Commerce & Industry Index sector  .HSNC  by 66.0 percentage
points in the past one month


($1 = 7.7656 Hong Kong dollars)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)