Nanjing Panda Issues New Shares
Hong Kong Exchanges and Clearing, 11/08/12
Chinese consumer electronics and handset manufacturer Nanjing Panda Electronics (600775.SH; 0553.HK) has announced that the company's Board has passed written resolutions pursuant to which the company will apply to the China Securities Regulatory Commission (CSRC) for the non-public issuance of no more than 260,500,000 additional A Shares, representing approximately 63.1% of all the A Shares currently in issue, or 38.7% of the total issued share capital as enlarged by the Proposed Placing of A Shares, at a subscription price of no less than RMB 5.07 (HKD 6.24) per A Share.
As a part of the agreement, the company will issue 39,447,732 A Shares to Nanjing Electronics Information Industrial Corporation (NEIIC), a subsidiary of China Electronics Corporation Holdings Co., Ltd. (CEC) (0085.HK), at a price of no less than RMB 5.07 per share.
Immediately after completion of the NEIIC Subscription, NEIIC will directly hold no more than 39,447,732 Shares, and its direct shareholding percentage will be changed from nil at present to 4.3% of the enlarged total issued share capital of the company.
Trading in the H Shares of the company on the Hong Kong Stock Exchange has been suspended with effect from 9:00 AM on Monday, November 5 2012, pending the release of this announcement by the company. An application has been made by the company to the Hong Kong Stock Exchange for the resumption of trading in the H Shares of the company with effect from 9:00 AM on Thursday, November 8 2012.
Keywords: consumer electronics Hong Kong Stock Exchange wireless Panda Electronics CSRC 0553.HK 600775.SH Nanjing Electronics Information Industrial Corporation handset vendor A-share financing
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