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CG Services (06098) falls 13.2% on top-up placing
11 Jan 2019
(Infocast News) After announcing a top-up placing of shares, Country Garden Services (06098) dropped further this afternoon by as much as 13.2% to HK$11.2.

The company has agreed to place 168.761 million new shares (representing 6.32% enlarged issued share capital of the company) to Concrete Win at HK$11.61 per share after Concrete Win agreeing to place a same amount of existing shares of Country Garden Services at the same price, which represents a discount of 10% to the closing price of HK$12.9 per share on 10 January 2019.

The net proceeds of HK$1.939 billion will be used by Country Garden Services as to 70% for mergers and acquisitions to expand geographical coverage and service scope within the group's core businesses or related businesses, and as to 30% for technologies investment, urban services and value-added services new business development.

Country Garden Services is now trading 12.4% lower at HK$11.3, with turnover amounted to HK$2.82 billion.

(WL)
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