China Ruifeng Renewable eyes USD 26.8m from share sale
Sep 25, 2014 - China Ruifeng Renewable Energy (HKG:0527) said Wednesday it will raise up to HKD 208 million (USD 26.8m/EUR 21m) in gross proceeds through a new share issue.
The firm is active in the production of diodes and wind turbine blades as well as in the construction of wind farms and power grids. It explained it intends to use the net proceeds of some HKD 207 million for working capital and to pay back outstanding debts.
Haitong International Securities Co Ltd was appointed as placing agent and is tasked to sell up to 208 million new Ruifeng shares to no less than six subscribers. The new stock will be sold at HKD 1.00 apiece, which represents an 18.03% discount to Ruifeng's closing share price on Wednesday. Combined, they will represent approximately 16.65% of the company’s total shares outstanding following the issue.
Completion of the transaction is expected within four business days after the date on which all conditions are met.