Chinese sportswear company Anta has announced plans to raise HK$3.79bn (€461.2m/$488.2m) in a share sale to fund partnerships and acquisitions of international sportswear brands.
Anta has said it will sell 175 million new shares to major shareholders at HK$21.67 apiece, with its share price on the Hong Kong Stock Exchange hovering at around HK$21.85 today (Thursday).
Anta’s major shareholders – Anda Holdings International Ltd, Anda Investments Capital Ltd and Anta International Group Holdings Ltd – will subscribe for the new shares on completion of placing the same amount of existing shares at the same price to third-party investors.
Completion of the deal will result in the aggregate holding of the major shareholders being reduced to 61.62 per cent from the current 65.93 per cent.
Anta said in a statement: “As mentioned in the company’s Annual Report 2016, the group continues to seek business opportunities such as acquisition of, and cooperation with, international sportswear brands.
“The company presently intends to use the net proceeds from the subscription: (a) to finance (in whole or in part) such business opportunities as and when appropriate opportunities arise, certain of which could be significant; and/or (b) as general working capital of the group.”