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Citychamp Watch Seeking HK$145 Million via Rights Offering; Shares Jump 16%

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-- Citychamp Watch & Jewellery Group (HKG:0256) plans to raise up to HK$145.1 million via a rights offering, according to a Hong Kong bourse filing Tuesday.

The luxury watch and jewelry maker's shares jumped 16% in morning trade Wednesday.

The firm will offer one rights share priced at HK$0.1 apiece for every three shares held in the company.

All in all, qualifying shareholders will be able to subscribe to a pool of 1.45 billion rights shares, and any unsold shares will be offered to the public.

The shares represent 33.3% of the company's issued share capital and 25% as enlarged by the transaction.

The bulk of the proceeds from the offering will be used to repay the company's borrowings.

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