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Time Interconnect Technology to Raise HK$2.9 Billion via Share Placement

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Time Interconnect Technology (HKG:1729) agreed to place 138.1 million new shares at HK$21 each, raising net proceeds of about HK$2.88 billion, according to a Tuesday Hong Kong bourse filing.

The placing price represents a discount of about 13.6% to the last closing price and about 5.9% to the five-day average.

The new shares account for about 6.6% of the company's existing issued share capital.

Time Interconnect plans to use the proceeds for global business development and overseas expansion, for repayment of bank borrowings and balance sheet enhancement, and for strategic investments and acquisitions.

The company expects to place the shares with at least six independent investors under its general mandate, with no shareholder approval required.

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