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2005-5-20 08:40:00 a.m. HKT, XFNA
Hong Kong-listed Hualing Holdings eyes 238 mln hkd rights issue
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HONG KONG (XFN-ASIA) - Hualing Holdings Ltd said it hopes to raise 238
mln hkd for use as working capital through a rights issue of no less than 2.
38 bln shares.
Three shares are to be issued for every two existing shares of Hualing,
at a subscription price of 0.10 hkd per rights share.
The subscription price represents a discount of about 56.5 pct to the
closing price of 0.23 hkd per share quoted on the Hong Kong Stock Exchange on
May 13, when trading in the company's shares was suspended.
The company said net proceeds will amount to some 233 mln hkd.
The proceeds will also be used to restore the group to a net asset
position, it said.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com
jc/jm
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