Rights Issuance brings New Investors for I-Cable
I-Cable, a subsidiary of Wharf, announced a rights issuance to raise HKD 704 million. The proposed plan calls for the issuance of five new shares for every three existing shares. The offer price of HKD 0.21 per share represents a 65% discount to the recent trading averages. Wharf, the current controlling shareholder with 74% of the company, will not subscribe to any shares which it is entitled to. Instead, these shares will be subscribed to by a group of new investors. Further, 75% of an existin...Wharf is an investment holding company. Co. operates in five segemnts: investment property, which includes property leasing operations consisting of retail, office and serviced apartments; development property, which encompasses activities relating to the acquisition, development, design, construction, sale and marketing of Co.'s trading properties; hotels, which includes hotel operations in the Asia Pacific region; logistics, which includes the container terminal operations in Hong Kong and Mainland China; and media and entertainment, which comprises pay television, internet and multimedia and other businesses and the telecommunication businesses.
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