13 Holdings shares hit 21-year low

Shares of 13 Holdings Ltd fell to its lowest in 21 years after the company announced a stock sale on Friday aimed at funding the completion of its long-delayed hotel, Bloomberg reports.

On Friday, the hotel developer announced it will be looking to raise around HK$1.7 billion (US$217.8 million) through a rights issue and a placing of loan notes.

According to Bloomberg, the company’s market value plunged by almost half to $55 million in Hong Kong trading on Monday.

Shares of 13 Holdings fell 49 percent to close at HK$0.465, the lowest price since April 1996.