Mao Kee Tells Placing Price To HK$3.45, Deadline Extended To September 21

Mao Kee Tsz Chung (01716) said in a third supplemental agreement that it has again lowered its placing price to HK$3.45 per share, a 14.18% discount to Wednesday's close of HK$4.02, according to ETNet. The final deadline for the placing has been extended to September 21. Based on the full placement of 54 million shares, gross proceeds are expected to be about HK$186.3 million and net proceeds about HK$184.1 million, or roughly HK$3.41 per share. The company said the placing would strengthen liquidity and its financial position, but it may still not be completed and investors should exercise caution.