Fire Rock Raises HK$79.5 Million via Undersubscribed Rights Issue as Major Shareholder Consolidates Control

Fire Rock Holdings Ltd ( (HK:1909) ) has shared an announcement.

Fire Rock Holdings Limited has completed a rights issue on the basis of one rights share for every two existing shares at HK$1.58 per share, raising gross proceeds of approximately HK$80.3 million (net HK$79.5 million) to be applied in line with previously stated funding plans. The issue was only 45.78% subscribed by existing shareholders, with a further small tranche of unsubscribed shares placed to independent investors and the bulk of the remaining untaken rights shares taken up by underwriter Sulfulon, lifting the Sulfulon Concert Group’s stake to about 51% of the enlarged share capital and consolidating its control while leaving no net gain to distribute to non-participating shareholders.

The most recent analyst rating on (HK:1909) stock is a Hold with a HK$1.50 price target. To see the full list of analyst forecasts on Fire Rock Holdings Ltd stock, see the HK:1909 Stock Forecast page.

More about Fire Rock Holdings Ltd

Fire Rock Holdings Ltd is a Hong Kong-listed company (Stock Code: 1909). While the announcement focuses on capital-raising activities rather than operations, Fire Rock operates as a listed issuer on the Hong Kong Stock Exchange and maintains a shareholder base that includes controlling shareholders such as the Sulfulon Concert Group and institutional and professional investors.

Average Trading Volume: 186,068

Technical Sentiment Signal: Strong Sell

Current Market Cap: HK$457.9M

For an in-depth examination of 1909 stock, go to TipRanks’ Overview page.