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Anta Sports Plans $488M Sale To Fund Acquisitions Of Int'l Sportswear Brands

Anta Sports Products said on Wednesday that it plans to raise HK$3.79B ($488M) "in a share sale to fund tie-ups and acquisitions" of int'l sportswear brands, according to Donny Kwok of REUTERS. The Chinese "home-grown sports brand" said that "it would sell 175 million new shares to major shareholders at HK$21.67 apiece," representing a 7.98% discount to the previous close. Proceeds also would be used as "general working capital." The major shareholders, comprising Anda Holdings Int'l, Anda Investments Capital and Anta Int'l Group Holdings, "would subscribe for the new shares on completion of placing the same amount of existing shares at the same price to third-party investors." The aggregate holding of the major shareholders would be reduced to 61.62% following the deal, from 65.93% (REUTERS, 3/22).

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