CVM Minerals Ltd., a Malaysia-based magnesium producer, cut the offering price for its initial stock sale in Hong Kong to HK$1.05 per share from HK$1.18.
Global financial turmoil and adverse market conditions prompted the price cut, CVM said in a filing to Hong Kong's stock exchange today. The company will raise a net HK$80.9 million ($10 million) from the share sale, according to its revised prospectus.
Applicants for shares in CVM must confirm their requests for their orders to be processed, the statement said.
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