China Hongqiao plans $800 mln share sale to reduce debt

By Reuters / January 15, 2018 / www.kitco.com / Article Link

HONG KONG, Jan 16 (Reuters) - Aluminium products maker China Hongqiao Group Ltd said on Tuesday it plans to sell HK$6.24 billion ($800 million) worth of new shares to its controlling shareholder to cut its debt.

The mainland China-based company will issue 650 million new shares to its chairman-controlled China Hongqiao Holdings Ltd at HK$9.60 apiece, representing a 10.45 percent discount to the previous close.

($1 = 7.8238 Hong Kong dollars)

(Reporting by Donny Kwok; Editing by Malcolm Foster)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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