STOCKS | Pines Technology Launches 1-For-2 Rights Issue At HK$0.15

Pines Technology (1079) said it will launch a rights issue on the basis of one rights share for every two shares held at HK$0.15 each, raising more than HK$107 million and net proceeds of HK$105 million. The offer price represents a 41.18% discount to the stock's closing price of HK$0.255 today, according to Ming Pao reported. The company said the rights issue will involve the issue of more than 713 million shares. Net proceeds are intended for the purchase of memory storage components and enterprise rack server inventory, as well as general working capital.