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2008-5-21 12:21:00 p.m. HKT, XFNA
HK's Wing On Travel to raise up to 623 mln hkd to fund expansion, repay debt
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HONG KONG (XFN-ASIA) - Wing On Travel (Holdings) Ltd said it plans to raise 437
mln to 623 mln hkd by issuing 7.28 to 10.39 mln rights shares at 0.06 hkd per
share.
Investors will be entitled to four rights shares for every Wing On Travel share
they own now and to one bonus warrant for every four rights shares subscribed.
Of the estimated net proceeds of 424 mln to 606 mln hkd, about 200 mln will be
used to expand the group's travel and related businesses in China and 200 mln
will be used to fund hotel or leisure resort-related investments in both Hong
Kong and China.
If the maximum number of rights shares is subscribed, Wing On will use about
182 mln hkd to repay some bank and other borrowings.
Wing On said it will also propose to shareholders a capital reorganization
scheme to reduce the nominal value of each share on issue to 0.01 hkd from 0.10.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com
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