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The latest update is out from China International Development Corporation Limited ( (HK:0264) ).
China International Development Corporation Limited has completed a share placing under its general mandate, issuing 12,916,000 new shares at HK$2.16 each, representing about 2.72% of its enlarged share capital, to at least six independent placees. The placing raised net proceeds of approximately HK$27.14 million, which the company plans to allocate toward procurement and operating costs in its leather manufacturing and related cleaning services and trading businesses, general working capital such as rent, staff and professional fees, and repayment of outstanding indebtedness, thereby strengthening its financial position without any placee becoming a substantial shareholder or materially altering control, as Waterfront Holding Group’s stake is diluted slightly from 50.27% to 48.90%.
The most recent analyst rating on (HK:0264) stock is a Hold with a HK$2.50 price target. To see the full list of analyst forecasts on China International Development Corporation Limited stock, see the HK:0264 Stock Forecast page.
More about China International Development Corporation Limited
China International Development Corporation Limited operates businesses including leather manufacturing, extended cleaning services for leather and motor vehicle engines, and other trading activities, with a shareholder base that includes controlling shareholder Waterfront Holding Group Co., Ltd., wholly owned by Mr. Zhao Jingfei.
Average Trading Volume: 1,256,121
Technical Sentiment Signal: Buy
Current Market Cap: HK$1.01B
Learn more about 0264 stock on TipRanks’ Stock Analysis page.