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Hangzhou Jiebai Group Co Ltd to Issue Shares for Stake Acquisition and Fund Raising

Friday, 26 Jul 2013 08:00pm EDT 

Hangzhou Jiebai Group Co Ltd announced that it will issue 399,751,671 A shares with par value RMB 1 at RMB 5.86 per share, to acquire a Hangzhou-based investment company valued at RMB 2,314,562,200 from a Hangzhou-based tourism group company. The Company will also issue up to 147,792,706 shares for no less than RMB 5.21 per share to raise up to RMB 770 million through private placement, for commercial asset acquisition, new store opening, old store renovation and business operation. As a result, the Hangzhou-based tourism group company will increase its stake from 0% to 46.59% (399,751,671 shares), and a Hangzhou-based asset company will have its stake decreased from 29.24% (90,760,425 shares) to 10.58% (90,760,425 shares). 

Company Quote

-0.25 -1.97%
10:49pm EDT