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Datang Telecom Technology Co Ltd Announces Private Placement for Equity Acquisition and Fund Raising


Wednesday, 26 Jun 2013 08:00pm EDT 

Datang Telecom Technology Co Ltd announced that it will issue approximately 103,694,831 A shares of common stock with par value of RMB 1.00 per share at RMB 10.65 per share to six individuals including Zhou Hao and Chen Yong, and three companies including a Zhejiang-based venture investment company, a Guangzhou-based investment limited partnership enterprise and Haitong Capital Co., Ltd. as 65% of consideration, to exchange for a combined 100% stake in a Guangzhou-based network technology company, which is engaged in the operation of website game and valued at RMB 1.699 billion. In addition to the new shares, RMB 594.65 million will be paid in cash. The Company will issue up to 44,290,900 A shares at not less than RMB 9.59 per share to another 10 investors in private placement to raise up to RMB 424.75 million for the payment. Approximately RMB 169.9 million will paid by the Company's own funds.