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2002-10-15 10:39:00 a.m. HKT, XFNA
G-Prop to place 172 mln shares at 0.01 hkd/shr to raise 1.6 mln hkd
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HONG KONG (AFX-ASIA) - G-Prop (Holdings) Ltd (286.HK) said it is
proposing to place 172 mln new shares at 0.01 hkd per share to raise 1.6 mln
hkd.
In a statement, the company said the placement shares represent a 13.91
pct stake in its enlarged share capital.
The proceeds will be used as general working capital.
Separately, the company said it is postponing completion of the
acquisition of Capital Sign Enterprises from Oct 11 to Dec 11.
Its unit had proposed to buy Capital Sign for 12 mln hkd cash. Capital
Sign owns a 40 pct interest in International Brand Products Holdings, which
has the right to lease 3,000 square metres of retail space at a hotel in
Houjie Town, Dongguan.
rachel.arputharajoo@afxnews.com
ra/zr
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