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China Information Technology Development Ltd announces proposed open offer on the basis of two offer shares for every one share held on the record date


Thursday, 9 Jan 2014 06:14pm EST 

China Information Technology Development Ltd:Proposes to raise about HK$197.7 mln before expenses, by issuing 1,796,981,272 offer shares to the qualifying shareholders at the subscription price of HK$0.11 per offer share under the open offer on the basis of two offer shares for every one share held on the record date.Says the open offer will be fully underwritten by the underwriter.Says the underwriting agreement contains provisions granting the underwriter the right, which may be exercised on Mar. 4.Says if the underwriter terminates the underwriting agreement, the open offer will not proceed.Says it intends to apply the net proceeds from the open offer of about HK$5 mln for the development of the sales network of Pantosoft.Says about HK$7 mln for general working capital of the company.Says about HK$181 mln on investments on certain IT Projects in 2014. 

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