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2004-2-2 11:05:00 a.m. HKT, XFNA
Hong Kong-listed Hualing to raise 80 mln hkd via new-for-old share placing
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HONG KONG (AFX-ASIA) - Air conditioner maker Hualing Holdings Ltd (382.
HK) said it is to raise 80 mln hkd through a new-for-old placing of 200 mln
shares at 0.40 hkd each.
Guangzhou International Group Ltd will first place 200 mln existing
shares through placing agent First Shanghai Securities Ltd and CITIC Capital
Markets Ltd.
It will then subscribe for the same number of new shares at the same
price.
Its interest in Hualing will be diluted to 42.36 pct from 48.48 pct on
completion of the transaction.
Hualing said it will use the net proceeds of 77 mln to expand its
production facilities as well as for general working capital.
(1 usd = 7.80 hkd)
peter.chan@afxasia.com
ptc/swp
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