Esprit proposes rights issue of up to HK$5.25 billion

HONG KONG Mon Oct 22, 2012 7:09am EDT

HONG KONG Oct 22 (Reuters) - Esprit Holdings Ltd on Monday said in a filing with the Hong Kong Stock Exchange that it is proposing a rights issue of between HK$5.17 billion and HK$5.25 billion.

It said it is proposing the issue at HK$8 per rights share on the basis of one rights share for every two existing shares.

The company said the issue is to give the company financial flexibility in rebuilding its brand, overhauling its product engine, refurbishing stores, developing the supply chain, paying for expansion plans and for general working capital.

The company said shareholder approval is not required. (Editing by Mark Potter)

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