04:56 AM EST, 02/23/2022 (MT Newswires) -- China Tian Lun Gas Holdings (HKG:1600) said it was unaware of what caused the "unusual fluctuations" in its share price and trading volume on Tuesday.
The urban pipeline gas operator expects to raise HK$414 million in net proceeds from a share placement for development of rooftop photovoltaic projects and clean energy heating services, as well as for working capital and general corporate purposes, according to a late same-day filing.
China Tian Lun controlling shareholder Tian Lun Group is offloading its 50 million shares in the firm for HK$8.40 each. China Tian Lun will then issue the same number of new shares to Tian Lun Group as part of the top-up placement, a previous disclosure said.
Share volume traded 29.5% higher to 593,000 on Tuesday from Monday.
Price (HKD): $6.87, Change: $-0.21, Percent Change: -2.97%