By Devika Patel
Knoxville, Tenn., July 12 - Man Sang Holdings, Inc. announced a HK$296 million placement of stock via ICEA Securities Asia Ltd.
ICEA Securities agreed to place 200 million shares of Man Sang subsidiary Man Sang International (B.V.I.) Ltd. shares with institutional or professional investors at a price of HK$1.48 per share, according to a Tuesday filing with the Securities and Exchange Commission.
ICEA Securities is entitled to receive 2% of the value of the shares at the placing price. The shares represent approximately 19.93% of Man Sang International's existing share capital.
The sale is expected to close within two business days of Thursday's announcement.
"Man Sang Holdings, Inc. is a growing company. We continue to have our shareholders best interest at heart, as we continue in our core business," Sonny Hung, director of Man Sang Holdings, said in a press release.
"With our current ownership in CP & J City, which we are optimistic will help us grow in the coming years, we believe we are on target in achieving our working capital requirements. In our effort to shorten the payback period for the CP & J project, it is necessary for us to utilize the capital markets."
Proceeds from the placement will be used for general working capital.
The Man Sang Group, based in Kowloon, Hong Kong, purchases and processes saltwater cultured and freshwater cultured pearls.
| Issuer: | Man Sang International (B.V.I.) Ltd.
|
| Issue: | Stock
|
| Amount: | HK$296 million
|
| Shares: | 200 million
|
| Price: | HK$1.48
|
| Warrants: | No
|
| Agent: | ICEA Securities Asia Ltd.
|
| Settlement date: | July 16
|
| Stock symbol: | Hong Kong: 0938.HK
|
| Stock price: | HK$1.48 at close July 11
|
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