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Kwan On Holdings Ltd. ( (HK:1559) ) has issued an update.
Kwan On Holdings Ltd. plans to raise up to approximately HK$65.42 million through a non-underwritten rights issue, offering one rights share for every two shares held at a subscription price of HK$0.07 per share, available only to qualifying shareholders, whose holdings will be diluted if they do not subscribe. The company intends to use about 70.7% of the estimated HK$63.62 million net proceeds to repay group liabilities, 15.7% to support development and working capital needs for new construction projects, and the remaining 13.6% as general working capital, while controlling shareholder Sino Coronet has given an irrevocable undertaking to subscribe for its full entitlement and maintain its existing stake, with applications subject to possible scale-down to avoid triggering takeover obligations or breaching public float requirements.
The most recent analyst rating on (HK:1559) stock is a Hold with a HK$0.08 price target. To see the full list of analyst forecasts on Kwan On Holdings Ltd. stock, see the HK:1559 Stock Forecast page.
More about Kwan On Holdings Ltd.
Average Trading Volume: 176,410
Technical Sentiment Signal: Hold
Current Market Cap: HK$160.7M
For a thorough assessment of 1559 stock, go to TipRanks’ Stock Analysis page.