Zhejiang Glass to raise HK$388 mln from new share offering

Zhejiang Glass Co Ltd., a Hong Kong-listed mainland glass maker, said on Friday that it aimed to raise up to HK$388 million through new share offering, the firm said in a statement filed to the Hong Kong Stock Exchange today.

The company was selling as much as 64.2 million new shares at HK$6.05 apiece, accounting for 8.17% of its enlarged share capital. The offering price represents a 14.18% discount to its closing price on Wednesday which stood at HK$7.05.

Excluding costs, net proceeds are estimated at HK$382 million, which will be used to replenish operating capital and boost glass production.

Its shares have resumed trading today.

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