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APAC Resources' (01104) rights issue to raise $438M
12 Mar 2019
(Infocast News) APAC Resources (01104) proposes to raise HK$447 million before expenses by way of a rights issue on the basis of one rights share for every two existing shares held by each qualifying shareholder at the subscription price of HK$1.1 per rights share, representing a discount of 14.73% to the closing price of HK$1.29 per share on 11 March 2019.

A total of 406.298 million rights shares (representing 33.33% of the company's enlarged issued share capital) are proposed to be provisionally allotted.

The HK$438 million net proceeds from the rights issue are intended to be applied in the following manner: (i) HK$244 million for enhancing the group's capacity to further invest in companies involved in the resources sector or more particularly in the production of certain minerals; (ii) HK$150 million for the repayment of the group's existing outstanding loans and other related expenses owed to a bank and a related company to improve the gearing of the group; and (iii) HK$44 million for general working capital.

(WL)
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