Shui On Land to raise HK$2.03 bln
Shui On Land Ltd<0272>, a real estate enterprise of Shui On Group, yesterday announced that it plans to raise HK$2.03 billion by issuing 418.6 million new shares, which will account for 10% of the firm's existing share capital and 9.1% of the enlarged share capital, sources reported.
The shares will be placed at a price between HK$4.82 to HK$4.93 apiece, reflecting a discount between 6% and 8% compared with the closing price of HK$5.24 on Wednesday. After the placement, the controlling shareholders, Shui On Investment Co and other related partners, will hold 49.57%, down from the previous 54.53%.
Daniel Wan, CFO and managing director of Shui On Land, said that the company is considering acquiring land near Ruihong New Town, Shanghai, while Vincent H. S. Lo, president, said that the company's partner, Winnington Capital Ltd, is raising funds and may purchase land in Ruihong New Town in October.
Shui On Land, which now has land reserves of 13.2 million sq m, is the second Chinese property firm in recent weeks to raise capital by placing new shares. Last week, Hopson Development raised U$204 million.
In the first five months of this year, Shui On Land recorded contracted sales revenue of more than RMB 1 billion, sources reported.
|
|
|
|
