Financial Wire

EPI Completes Nearly HK$193 Million Rights Issue; Shares Surge 23%

-- EPI (HKG:0689) said its rights issue was under-subscribed but fully taken up after underwriting arrangements, according to a Tuesday Hong Kong bourse filing.

Shares of the oil explorer were up nearly 23% in Wednesday morning trade.

The company said valid acceptances and applications totaled 725.2 million shares, representing about 58.6% of the 1.24 billion rights shares offered.

The remaining 513.3 million shares, or about 41.5%, were unsubscribed and subsequently taken up by subscribers procured by the underwriter.

Net proceeds from the rights issue are estimated at about HK$192.7 million.

Dealings in the fully paid rights shares are expected to begin on Thursday, the company said.

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