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2003-12-15 12:10:00 p.m. HKT, XFNA
HK-listed Shenzhen High-tech seeks to raise 107.3 mln hkd from share placement
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HONG KONG (AFX-ASIA) - Shenzhen High-tech Holdings seeks to raise about
107.3 mln hkd from the placement of 1.98 mln new shares to fund a property
development project in China and operations of its China-based unit.
In a statement, Shenzhen High-tech said the company will place the shares
at 0.056 hkd each with institutional investors.
The share placement represents 16.6 pct of the company's enlarged issued
share capital.
The offer price represents a 23.3 pct discount to the closing price of 0.
073 hkd per share as quoted on the Stock Exchange on Dec 9.
It said it plans to use 25 mln hkd of the placement's proceeds to beef up
the working capital of its 51 pct owned China-based unit, Wu Han Information
Industry Co Ltd.
The rest will go towards the funding of a property development in Yi Cha
Shi, Hubei, China, projected to cost at least 1 bln yuan. The company plans
to tie up with a local developer, Shi Jia Zhuang Zhong Hao Property
Development Co, for the project.
""The board believes that there are substantial growth opportunities in
China's property market since the living standard and the economy in the
China has continued to improve,"" Shenzhen said.
(1 usd = 7.8 hkd, 8.3 yuan)
leonora.walet@afxasia.com
lw/ram
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