Beauty, skincare and hygiene products company Sun East Group gave an update yesterday on a capital-raising exercise.
Net proceeds from the proposed issue of 97.82 million new ordinary shares will be made available in three instalments.
Sun East said earlier that Citi Cosmos Ltd (CCL) and Elite Wealth Ltd (EWL) will subscribe to the new shares at the issue price of HK$0.25 apiece. Net proceeds are estimated at HK$24.26 million (S$4.79 million).
Sun East said the first instalment of HK$3 million from CCL and HK$2,037,917 from EWL will be paid on completion. The second instalment of HK$7,670,625 from CCL and HK$2,037,917 from EWL will be on or before Jan 31, 2009. And the third instalment of HK$7,670,625 from CCL and HK$2,037,917 from EWL will be paid on or before March 3.
Sun East said it intends to use up to HK$8 million of the net proceeds to partly repay or redeem US$15 million of secured floating rate notes due 2009.
It was reported last month that Sun East had been hit by a delay in collecting debts totalling HK$84.8 million, and that it had failed to raise US$8 million through convertible bonds.
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Sun East gives update on capital raising
Beauty, skincare and hygiene products company Sun East Group gave an update yesterday on a capital-raising exercise.
Net proceeds from the proposed issue of 97.82 million new ordinary shares will be made available in three instalments.
Sun East said earlier that Citi Cosmos Ltd (CCL) and Elite Wealth Ltd (EWL) will subscribe to the new shares at the issue price of HK$0.25 apiece. Net proceeds are estimated at HK$24.26 million (S$4.79 million).
Sun East said the first instalment of HK$3 million from CCL and HK$2,037,917 from EWL will be paid on completion. The second instalment of HK$7,670,625 from CCL and HK$2,037,917 from EWL will be on or before Jan 31, 2009. And the third instalment of HK$7,670,625 from CCL and HK$2,037,917 from EWL will be paid on or before March 3.
Sun East said it intends to use up to HK$8 million of the net proceeds to partly repay or redeem US$15 million of secured floating rate notes due 2009.
It was reported last month that Sun East had been hit by a delay in collecting debts totalling HK$84.8 million, and that it had failed to raise US$8 million through convertible bonds.
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