KWG issued 235mn new shares at HK$2.01/share in a top-up placement, raising ~ HKD 467mn ($60mn). The shares were issued at a 14.8% discount to its closing price on Friday of HKD 2.36/share. Proceeds to be used for for refinancing existing debt and general corporate purposes. Its shares have now fallen to HKD 2.01/share. Its dollar bonds were trading relatively stable at ~40 cents on the dollar.

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