TCC International to raise HK$3.63bn in rights issue

TCC International Holdings Ltd is seeking to raise HKD3.63bn (US$468m) in a rights issue to fund acquisitions and for general working capital.

The company said Monday it plans to sell up to 1.65 billion rights shares at HK$2.2 each in the proportion of one rights share for every two existing shares held.

The offer price represents a 25.17 per cent discount to its latest trading price of HK$2.94 before it halted trading Monday. The company resumed trading today.