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Asia Resources Holdings Limited ( (HK:0899) ) has provided an update.
Zhong Jia Guo Xin Holdings has reported that it received valid applications for 167,352,542 rights shares, representing about 56.39% of the 296,772,672 shares available under its ongoing rights issue, based on 148,386,336 shares in issue on the record date. The company will arrange, under compensatory arrangements required by Hong Kong listing rules, for a placing agent to place approximately 129,420,130 unsubscribed rights shares (including any NQS unsold rights shares) to independent investors on a best-effort basis, with any premium over the subscription price to be distributed pro rata to qualifying no-action and non-qualifying shareholders above a HK$100 threshold, while any remaining unsubscribed shares will not be issued and the rights issue size will be reduced, highlighting both the dilution and execution risks facing shareholders and potential investors in this non-underwritten offer.
The most recent analyst rating on (HK:0899) stock is a Hold with a HK$0.21 price target. To see the full list of analyst forecasts on Asia Resources Holdings Limited stock, see the HK:0899 Stock Forecast page.
More about Asia Resources Holdings Limited
Zhong Jia Guo Xin Holdings Company Limited is a Bermuda-incorporated company listed in Hong Kong under stock code 899. The announcement relates to its capital-raising activities via a rights issue offered to existing shareholders, a common funding mechanism among Hong Kong-listed companies.
Average Trading Volume: 379,010
Technical Sentiment Signal: Strong Sell
Current Market Cap: HK$85.92M
For a thorough assessment of 0899 stock, go to TipRanks’ Stock Analysis page.