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Country Garden Holdings ( (HK:2007) ) has provided an announcement.
Country Garden announced it will issue 135,591,359 new shares under its existing general mandate at HK$0.40 per share to GLAS Agency (Hong Kong) Limited, which will sell the shares to fund part of the cash work fees owed to the coordinating committee (CoCom) under the company’s ongoing restructuring. The new shares represent about 0.48% of the enlarged share capital and are being issued at a discount of roughly 12% to the last closing price and 16% to the recent five-day average, reflecting the company’s use of discounted equity as a tool to manage restructuring-related costs and preserve cash amid its broader debt workout efforts.
The most recent analyst rating on (HK:2007) stock is a Sell with a HK$0.50 price target. To see the full list of analyst forecasts on Country Garden Holdings stock, see the HK:2007 Stock Forecast page.
More about Country Garden Holdings
Country Garden Holdings Company Limited is a Chinese property developer incorporated in the Cayman Islands and listed in Hong Kong. The group focuses on residential real estate projects and related property development activities, primarily targeting mass-market homebuyers in mainland China and raising capital through the Hong Kong equity market.
YTD Price Performance: -6.19%
Average Trading Volume: 139,295,527
Technical Sentiment Signal: Strong Sell
Current Market Cap: HK$12.61B
Learn more about 2007 stock on TipRanks’ Stock Analysis page.