Esprit right issue taps market for HK$5.2b

Esprit Holdings plans to raise as much as HK$5.2 billion in a rights offer to fund efforts to revive its brand after reporting a first-quarter sales decline.

The apparel company will offer investors the right to buy one new share at HK$8 each for every two held, Esprit said in a statement to the stock exchange yesterday.

Sales dropped 22.08 per cent to HK$6.6 billion in the quarter to September, it said in a separate statement.

via Business feed http://www.scmp.com/business/companies/article/1067544/esprit-right-issue-taps-market-hk52b