HK Stock Market Move | KB LAMINATES (01888) opened nearly 7% lower and received an 8.7% discount from KINGBOARD HLDG for the placement of up to 130 million shares.

KB LAMINATES (01888) opened nearly 7% lower, falling 6.96% as of the time of writing, to 21.4 Hong Kong dollars, with a turnover of 2.784 billion Hong Kong dollars. On the news front, KINGBOARD HLDG announced this morning that it plans to sell up to 130 million shares of KB LAMINATES, representing 4.15% of KB LAMINATES's issued share capital, at a sale price of 21 Hong Kong dollars per share, representing a discount of 8.7% from KB LAMINATES's closing price of 23 Hong Kong dollars on March 17. The net proceeds from the sale are estimated to be approximately 2.72 billion Hong Kong dollars, intended for general operating funds of the group. Following the completion, KINGBOARD HLDG's stake in KB LAMINATES will decrease from 71.1% to 66.95%. KB LAMINATES also announced that KINGBOARD HLDG has agreed not to sell any more shares from the bulk trading agreement date until 90 days after the completion of the sale. The company believes that the sale will increase the trading volume of the shares in the market and broaden the company's shareholder base.