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2004-3-5 09:43:00 a.m. HKT, XFNA
Hong Kong's Massive Resources proposes share capital increase/open offer
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HONG KONG (AFX-ASIA) - Electrical equipment manufacturer Massive
Resources International Corp Ltd (70.HK) said it proposes to raise its
authorized share capital to 1 bln hkd from 200 mln with an additional 40 bln
unissued shares.
The company proposes to raise net proceeds of 87.8 mln hkd from an open
offer of 4.54 bln new shares at 0.02 hkd each, it said in a statement.
Of the net proceeds, 14.1 mln will be used to repay outstanding debts and
loans due to independent third parties, about 15.8 mln for redemption of the
convertible notes, about 20 mln for operating expenses of a subsidiary of the
company and about 25 mln for expansion of the group's business.
The balance of about 12.9 mln will be reserved for general working
capital purposes.
(1 usd = 7.8 hkd)
susanna.tai@afxasia.com
st/ds
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