Date
24 April 2018

Tonic raises HK$1.92 bln in private placement, filing says

Consumer electronics maker and retailer Tonic Industries Holdings Ltd. (00978.HK) sold about 940 million new shares through private placement on Tuesday at the price of HK$2.05 (US 26 cents) per share, a 22.3 percent discount compared with the HK$2.64 closing price on Monday, according to a regulatory filing. The company raised HK$1.92 billion before expenses through the sale. According to a Ming Pao Daily report Tuesday, proceeds will be mainly used to pay for the 11 mainland real estate projects acquired from its parent, China Merchants Property Development Co. Ltd. (000024.CN).

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