CITYCHAMP Watch & Jewellery Proposes 1-for-3 Rights Issue
Stock News
May 05
CITYCHAMP Watch & Jewellery announced a proposal for a rights issue. The company plans to issue new shares on the basis of one rights share for every three existing shares held by qualifying shareholders on the record date. The subscription price is set at HK$0.1 per rights share. Through the issuance of approximately 1.4506 billion rights shares, the company aims to raise up to about HK$145 million, assuming no change in the number of issued shares before the record date. The rights issue will not be extended to ineligible shareholders, if any. Should the rights issue be fully subscribed, the estimated net proceeds are projected to be approximately HK$143 million.
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