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Reuters
Published
Aug 25, 2010
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Hengdeli sells $134 mln of shares to expand network

By
Reuters
Published
Aug 25, 2010

Aug 25 (Reuters) - Luxury watch distributor Hengdeli Holdings Ltd (3389.HK) is selling HK$1.04 billion ($134 million) worth of new shares, raising capital to fund network expansion in China and in the region, according to a term sheet obtained by Reuters on Wednesday.


Hengdeli Holdings - Elegant collection

Hengdeli was selling 300 million new shares, representing 7.37 percent of its enlarged share capital, at HK$3.48 each. The proceeds would also be used for general working capital, the term sheet showed.

Kingston Securities is the bookrunner of the placement.

Hegdeli shares were suspended on Wednesday pending a statement regarding price-sensitive information.

The stock ended trading at HK$3.87 on Tuesday. (US$1=HK$7.77)

(Reporting by Kennix Chim and Donny Kwok; Editing by Chris Lewis)

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