Huisheng International Announces HK$8.5 Million Share Offering; Shares Jump 46%
MT Newswires Live
May 21
Huisheng International Holdings (HKG:1340) announced plans to raise HK$8.5 million via a share offering, according to a Wednesday filing with the Hong Kong bourse.
The pork product supplier's shares were up nearly 46% in morning trade on Thursday.
The firm plans to sell 184.6 million shares priced at HK$0.046 each to raise funds to expand its frozen meat trading business in Hong Kong.
The shares to be sold represent 20% of the company's issued share capital, and 16.67% as enlarged by the offering.
Meanwhile, the company's board proposed a share consolidation on the basis of one consolidated share for every eight issued and unissued shares of the firm.
The consolidation is subject to shareholder approval.
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