Menswear firm Trinity sells $95 mln shares for acquisitions
today Jan 11, 2011
Jan 11 - China-focused high-end menswear retailer Trinity Ltd said on Tuesday it would sell 100 million shares in a top-up placement, raising a net HK$736 million ($94.7 million) for working capital and to fund development and acquisitions.
D'Urban, one of Trinity's brands
In a filing with the Hong Kong bourse, Trinity said its controlling shareholder LiFung Trinity Ltd would subscribe to the new shares at HK$7.5 each, or a 5.7 percent discount to the previous close, on completion of a sale of the same amount of existing shares at the same price to third party investors.
BOCI Asia Ltd and Merrill Lynch Far East Ltd are handling the deal, the company said.
Trinity, a sister company of exporter Li & Fung Ltd, said last month that it had bought Cerruti for 53 million euros ($70 million) from the U.S. fund, which salvaged the Italian fashion house best-known for its men's wool suits and 1881 perfume.
(Reporting by Donny Kwok; Editing by Ken Wills)
© Thomson Reuters 2019 All rights reserved.