Sandmartin Rights Issue Undersubscribed, Triggers Placing of Unallocated Shares

Sandmartin International Holdings Limited ( (HK:0482) ) has provided an announcement.

Sandmartin International Holdings reported the results of its latest rights issue, offering 123,040,372 rights shares to existing shareholders on the basis of its adjusted share capital. As of the subscription deadline, the company received five valid applications covering 55,450,771 rights shares, representing about 45.07% of the offer, leaving 67,589,601 shares, or 54.93% of the issue, unsubscribed.

The company has activated a compensatory arrangement under Hong Kong listing rules, appointing a placing agent on a best-effort basis to place all or part of the unsubscribed rights shares with independent investors at not less than the subscription price. Any net premium generated from this placing, after deducting subscription price and related placing expenses, will be distributed on a pro-rata basis to shareholders who did not take up their rights, while any shares remaining unplaced will not be issued and will reduce the final size of the rights issue.

More about Sandmartin International Holdings Limited

Sandmartin International Holdings Limited is a Bermuda-incorporated company listed in Hong Kong, operating within the broader investment and corporate holdings sector. The group is focused on managing capital structure and funding through equity market transactions such as rights issues, targeting existing shareholders as its primary investor base.

Average Trading Volume: 143,293

Technical Sentiment Signal: Sell

Current Market Cap: HK$191.9M

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