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China’s Haidilao plans $302 million share sale for credit facilities repayment -Breaking

by Mike Robinson

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© Reuters.

HONG KONG (Reuters), Haidilao International Holding Ltd is planning to sell HK$2.35 trillion ($301.6m) of its new shares to fund repayments of credit facility and improve supply chain management.

SP NP Ltd is the major shareholder of Chinese hot pot chains. The new shares will be sold at HK$20.43 per share, which represents a 7.97% discount from Thursday’s closing price of HK$22.20, according to the company filing to Hong Kong bourse.

After the sale of equal shares to third investors at the same prices, the major shareholder will purchase the new shares. These proceeds can also be used as working capital or for general corporate purposes.

Haidilao shares have dropped 62.8% since Thursday’s close.

($1 = 7.7917 Hong Kong dollars)

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