IDG Energy to Issue New Shares to Foxconn Technology's Units for HK$1.49 Billion
By Joanne Chiu
IDG Energy Investment Group Ltd. (0650.HK) is raising 1.49 billion Hong Kong dollars (US$190.9 million) by issuing new shares to Taiwan's electronics maker Foxconn Technology Co.
The Hong Kong listed energy investor said Thursday that it had agreed to sell a total of 1.49 billion new shares to five units of Foxconn Technology, which is controlled by electronics contract maker Hon Hai Precision Industry Co. (2317.TW).
IDG Energy said each of Foxconn Technology's units will subscribe for 297 million new shares, representing a combined 24.4% stake in IDG Energy after the deal. The company plans to use the net proceeds for investments in the natural gas industry and expanding its business in other oil and gas companies, it said.
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(END) Dow Jones Newswires
December 13, 2017 19:27 ET (00:27 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.