361 Degrees dives 20pc on share sale for $610m

Chinese sportswear maker 361 Degrees International's (1361) shares once dived nearly 20 percent on Tuesday after it plans to raise HK$610.8 million through up to 100 million shares sale.

The company will allot existing shares and issue new shares at HK$6.18, representing a discount of approximately 10.69 percent to the closing price of HK$6.92 per share on Monday.

The number of shares accounted for about 4.61 percent of the issued share capital as enlarged by the allotment and issue of the new shares. Upon the completion, the aggregate shareholding of the controlling shareholders will be reduced from 48.99 percent to 46.72 percent.

361 Degrees said it intends to retain the net proceeds as funding for expansion of network of overseas markets, general working capital, and other general corporate purposes.

 

𝗙𝗼𝗹𝗹𝗼𝘄 𝘁𝗵𝗲 𝗰𝗼𝗺𝗺𝘂𝗻𝗶𝘁𝘆 𝗼𝗳 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱↓