TCL Multimedia Technology (01070) said it agreed to place 348.85 million new shares at HK$6.5 apiece, representing a premium of about 31.31% to the closing price of HK$4.95, to Leshi Zhixin Electronic Technology (Tianjin) Co., Ltd.
The subscription shares represent around 20.1% of the enlarged issued shares of TCL Multimedia.
The estimated net proceeds of about HK$2,261 million will be used for the purpose of research and development, expansion of overseas markets, automatization, technology and process improvement, mergers and acquisitions, repayment of loans and general working capital.
Leshi Zhixin's principal activities include the information technology service, the advertising business, the manufacturing and sales of hard disk player, the development and sales of electronic products and mechanical equipment and the import and export business of goods and technologies. 58.55% of Leshi Zhixin share interests is directly held by Leshi Internet Information and Technology Corp., Beijing.
TCL Multimedia had applied for the resumption of trading in shares this morning.
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