Kingboard to place 155 million shares of Kingboard Laminates at 11.5pc discount

Kingboard (0148) announced the placement of Kingboard Laminates (1888), planning to place 155 million shares at HK$76 per share, representing a discount of approximately 11.5 percent to Tuesday's closing price.

The placed shares account for about 4.92 percent of Kingboard Laminates' issued share capital.

Kingboard Laminates closed at HK$85.9 on Tuesday. Its shares fell 5.7 percent to HK$81 at the market open on Wednesday, but later rose 6.9 percent to HK$91.8.

Once the transaction is complete, Kingboard's shareholding in Kingboard Laminates will decrease from 66.62 percent to approximately 61.7 percent.

The company plans to raise net proceeds of HK$11.8 billion from the placement, which it will use to invest in its printed circuit board business, accelerate research and development to drive product upgrades and innovation, repay existing bank loans, and fund other corporate purposes.

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