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FINWIRES

MTT Group to Raise HK$69 Million via Rights Offering

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MTT Group (HKG:2350) said it was seeking to raise HK$68.8 million via a rights offering, according to a Tuesday filing with the Hong Kong bourse.

The information technology company's shares fell over 10% in late morning trade Wednesday.

The firm plans to offer eligible investors 2 rights shares for every five stocks held in the company. The rights shares will be priced at HK$0.275 each and investors will be offered allotments from a total pool of 250 million shares.

Unsold shares will be offered to new investors.

The firm will use proceeds from the offering to expand its business.

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