WuXi AppTec to raise $981 mln via share placement to support expansion
Investing.com-- WuXi AppTec (SS:603259) said on Thursday it will raise HK$7.70 billion ($981 million) through a Hong Kong share placement to support its global expansion and capacity building.
The Chinese pharmaceutical services firm will issue 73.8 million new H-shares at HK$104.27 each, a 6.9% discount to its July 30 closing price.
The placement represents roughly 2.51% of the company’s enlarged share capital and is expected to be allocated to at least six institutional investors, the company said in a statement.
Net proceeds of around HK$7.65 billion will go primarily toward overseas growth, with 90% allocated to international expansion and capacity construction, and the remainder for general corporate purposes, Wuxi said.
