trending Market Intelligence /marketintelligence/en/news-insights/trending/uy18lM4OboNSonhfk21enw2 content esgSubNav
In This List

Sunshine 100 signs share subscription deal to raise gross proceeds of HK$729M

Video

S&P Capital IQ Pro | Powering Your Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Enterprises are missing out on 24B by not optimizing cloud spending not going multicloud


Sunshine 100 signs share subscription deal to raise gross proceeds of HK$729M

Sunshine 100 China Holdings Ltd. looks set to raise gross proceeds of about HK$728.7 million after signing an agreement with Beyond Steady Ltd. for the latter to subscribe to a total of 235,055,000 new shares at a price of HK$3.10 apiece.

The shares represent roughly 9.89% of Sunshine 100's existing issued share capital and approximately 9.00% of its issued share capital. The subscription price reflects a discount of about 10.66% over Sunshine 100's closing price of HK$3.47 per share Dec. 15.

The company will use the net proceeds of approximately HK$716.7 million to repay loans and develop new property businesses, as well as for general corporate purposes.

The subscription, among other conditions, is subject to a share listing approval from the Stock Exchange of Hong Kong Ltd. Sunshine 100 will lodge an application with the bourse's listing committee.

Following the subscription agreement, Joywise Holdings Ltd., a controlling shareholder of Sunshine 100, signed a deed of compensation with Beyond Steady.

According to the deal, Joywise will compensate the subscriber in cash if the sale proceeds are less than the reference proceeds from the disposal of any of the subscription shares during the six-month compensation period, which will end on the last day of a three-year period from the completion of the subscription agreement.