Core Viewpoint - Hong Kong Communications International Holdings (00248) proposes a rights issue to raise up to approximately HKD 21.8 million by offering 77.83 million shares at a subscription price of HKD 0.28 per share, which represents a discount of about 25.5% from the adjusted closing price of HKD 0.376 per share [1][2]. Group 1: Rights Issue Details - The rights issue is based on a ratio of 1 share for every 2 existing shares held, and the shares to be issued will represent approximately 50.0% of the total issued shares post-consolidation and about 33.3% of the enlarged issued shares [1]. - The maximum gross proceeds from the rights issue, after offsetting approximately HKD 11.5 million owed to a shareholder, is expected to be around HKD 10.3 million, with a net amount of approximately HKD 9.4 million after expenses [2]. - The net proceeds will primarily be used to repay bank loans (approximately HKD 8.5 million or 90% of the net proceeds) and the remaining HKD 0.9 million (10% of the net proceeds) will be allocated for general working capital [2]. Group 2: Share Consolidation Proposal - The board proposes to increase the authorized share capital from HKD 20 million (20 billion existing shares) to HKD 40 million (40 billion shares) pending shareholder approval [3]. - A share consolidation is also proposed, where every 8 existing shares will be consolidated into 1 share, changing the nominal value from HKD 0.01 to HKD 0.08 per consolidated share, effective after shareholder approval [3]. - Following the consolidation, the trading unit on the Stock Exchange will change from 4,000 existing shares to 10,000 consolidated shares [3]. Group 3: Share Value Implications - Based on the current closing price of HKD 0.047 per existing share, the value of a trading unit of 4,000 existing shares is HKD 188, while the estimated value of a trading unit of 10,000 consolidated shares would be HKD 3,760 post-consolidation [4].
香港通讯国际控股(00248)拟“2供1”基准供股 净筹约940万港元