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2004-6-8 10:53:00 a.m. HKT, XFNA
Hong Kong-listed Asia Resources seeks 350 mln hkd in new-for-old shr placement
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HONG KONG (AFX-ASIA) - Asia Resources Holdings Ltd (899.HK), an
investment holding company, seeks to raise 350 mln hkd from a new-for-old
share placement, which will be used to fund future investments and
acquisitions.
In a legal statement, the company said major shareholder, Guardwell
Investments Ltd, will place 175 mln existing shares with institutional
investors via agent Citic Capital.
The shares, representing 62.9 pct of the company's issued share capital,
will be offered at 2 hkd each, a 20 pct discount against the closing price of
2.475 hkd per share as quoted on the Hong Kong Stock Exchange on June 4.
Guardwell's existing shares, will then be replaced by new through a
subscription of the same number of shares bought at the same price.
Following the placement and subscription, Guardwell's shareholding in the
investment firm will be reduced to 53.82 pct from 62.91 pct.
(1 usd = 7.8 hkd)
leonora.walet@afxasia.com
lw/mh
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