STOCKS | MMG Places 705 Million Shares at HK$8.88, Raising Net HK$6.253 Billion

MMG said it has placed 705 million shares at HK$8.88 each, a discount of about 8.8% to the previous day’s price. According to Ming Pao, the new shares represent about 5.5% of the enlarged share capital and the net proceeds are about HK$6.253 billion. MMG said it plans to use the funds to refinance existing loans, support development and expansion of existing projects, fund strategic acquisitions and investments, and for working capital and general corporate purposes.