*DJ GCL-Poly Energy to Raise HK$4.15B via Private Placement
(MORE TO FOLLOW) Dow Jones Newswires
January 13, 2021 17:41 ET (22:41 GMT)
*DJ GCL-Poly Energy to Place 18.4% of Issued Shares at HK$1.08/Share
(MORE TO FOLLOW) Dow Jones Newswires
January 13, 2021 17:45 ET (22:45 GMT)
*DJ GCL-Poly Energy to Place Shares at 12.2% Discount to Last Traded Price of HK$1.23/Share
(MORE TO FOLLOW) Dow Jones Newswires
January 13, 2021 17:45 ET (22:45 GMT)
DJ GCL-Poly Energy Plans to Raise US$535M Via Share Placement
By P.R. Venkat
GCL-Poly Energy Holdings Ltd. is planning to raise 4.15 billion Hong Kong dollars (US$535.2 million) in net proceeds through private placement of shares, as part of the company's efforts to reduce debt levels.
The company is planning to place about 18.4% of existing issued share capital at HK$1.08 a stock, the company said Thursday.
The placement is at a 12.20% discount to Wednesday's close of HK$1.23 a piece.
Shares will be placed to no fewer than six independent investors, the company said, adding part of the proceeds will also be used to meet working capital needs.
UBS AG and CCB International are among the banks acting as placing agents.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
January 13, 2021 17:56 ET (22:56 GMT)
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