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KB LAMINATES Opens ~7% Lower as KINGBOARD HLDG Places Shrs at 8.7% Discount
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KINGBOARD HLDG (00148.HK) planned to place up to 130 million ordinary shares of KB LAMINATES (01888.HK) at a price of $21 per share, a discount of around 8.7% to yesterday's closing price. This placement is expected to raise around $2.73 billion. KB LAMINATES' share price opened 6.96% lower at $21.4 today (18th), with pre-market trading volume of 133 million shares, involving $2.784 billion. Upon completion, KINGBOARD HLDG will directly and indirectly hold an interest in over 2.099 billion shares, reducing its stake in KB LAMINATES' issued share capital from the previous 71.1% to 66.95%. KINGBOARD HLDG has agreed to an undertaking not to dispose of any more KB LAMINATES shares from the date of the block trade agreement until 90 days after completion of the placing. KINGBOARD HLDG opened 0.16% lower at $38.6 today, with pre-market trading volume of 35,500 shares, involving $1.3703 million. AASTOCKS Financial News Website: www.aastocks.com |
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