11:43 PM EDT, 06/13/2022 (MT Newswires) -- China Water Industry Group (HKG:1129) is targeting to raise as much as HK$167.6 ($21.4 million) in a rights offering to pay its debts.
Under the plan, the water supplier will issue up to 957.9 million rights shares at HK$0.175 each, according to a Tuesday disclosure.
The rights will be offered to existing investors on the basis of one rights share for every two shares held in the company.
Proceeds will be used to partially pay loans and other borrowings, which stood at HK$817.7 million as of May 31.
The stock slumped almost 12% in late morning trade.
Price (HKD): $0.22, Change: $-0.03, Percent Change: -12.94%