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HONG KONG, June 5, 2014 - (ACN Newswire) - Eagle Ride Investment Holdings Limited ("Eagle Ride" or the "Company"; stock code: 901) has announced today that the Company has been informed by Eagle Ride Investments Limited ("ERIL"), the controlling Shareholder, that ERIL intends to sell down approximately 15.39% of the total issued share capital of the Company in order to assist the Company in complying with the requirement of at least 25% of the issued share capital of the Company being held by the public of the Listing Rules.
As such, on 5 June 2014, ERIL entered into a placing agreement with First Shanghai Securities Limited (the "Placing Agent") pursuant to which the Placing Agent agreed to place, on a best effort basis, 28,850,000 Shares (the "Placing Shares") for ERIL at a price of HK$2.08 per Share (the "Placing").
The Placing Shares will be placed to professional investors and none of the Placees will become a substantial shareholder of the Company immediately after the completion of the Placing.
Further announcement will be made by the Company regarding the completion of the Placing and the restoration of the public float of the Company.
Mr. Tung Shu Sun, the Chairman of Eagle Ride, said, "We would like to express our heartfelt appreciation for the long-term support of our shareholders. Along with the Placement completion and the Company's restoration of the 25% minimum public float, our progress in the development in Hong Kong's capital markets will continue. At the same time, we will strive to create value for all our shareholders by prudent investment in projects with good growth potential."
Contact:
Strategic Financial Relations Limited
Joanne Lam +852 2864 4816 joanne.lam@sprg.com.hk
Cornia Chui +852 2864 4853 cornia.chui@sprg.com.hk
Jovanni Cai +852 2114 4937 jovanni.cai@sprg.com.hk
Topic: Press release summary
Source: Eagle Ride Investment Holdings Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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