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ASIARAY considers spinning-off media, ad businesses
21 Nov 2019
(Infocast News) Asiaray (01993) has agreed to issue 35.68 million subscription shares to Ant Financial, representing 7.5% of the enlarged total number of issued shares of 476 million shares immediately following completion.

The subscription price of HK$4.1 per share represents a discount of 12.77% over the closing price on Wednesday.

The net proceeds from the issue of the subscription shares are estimated to be HK$142.8 million. The company intends to use the net proceeds for general working capital and for funding its projects in the PRC and Singapore.

Asiaray is currently considering the possibility of the potential spin-off and separate listing of the group’s media and advertising businesses in Southeast Asia, Hong Kong and Macau on a recognised stock exchange.

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