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2003-11-3 11:04:00 a.m. HKT, XFNA
HK's Enerchina to raise 196.41 mln hkd via 9-for-5 rights issue
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HONG KONG (AFX-ASIA) - Enerchina Holdings Ltd (622.HK) said it plans to
raise 196.41 mln hkd through a nine-for-five rights issue of no less than 490.
35 mln new shares at 0.40 hkd each.
The price represents a 45.21 pct discount to Enerchina's Oct 24 closing
price of 0.73 hkd.
The company will invest about two-thirds of the proceeds in its power
generation business and use the remainder as general working capital.
Sinolink Worldwide Holdings Ltd (1180.HK), which currently holds a 33.7
pct stake in Enerchina, has agreed to subscribe for its entitlements of the
rights shares.
Sinolink's wholly-owned Smart Orient Investments Ltd has agreed to
underwrite no more than 330.92 mln new shares in the rights issue.
(1 usd = 7.80 hkd)
peter.chan@afxasia.com
ptc/mh
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