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Modern Dairy has allotted 650 million shares at a 12% discount, and the company’s share price has plummeted by more than 8%, with a market value of HK$16.2 billion.
Modern Dairy (01117-HK) announced that before the trading hours on January 20, 2021, the company will place 650 million shares at 2.4 yuan per share, accounting for approximately 9.14% of the total number of enlarged issued shares. The placing price represents a discount of approximately 12.09% to the closing price of HK$2.73 per share yesterday.
The total proceeds from the placing are expected to be approximately HK$1.56 billion and the net proceeds are approximately HK$1.552 billion. The company plans to use the net proceeds from the placing for infrastructure development and herd expansion, potential mergers and acquisitions, and general working capital.
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