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2007-8-2 09:24:00 a.m. HKT, XFNA
Hong Kong-listed HKC Holdings confirms chairman's share placement plans
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HONG KONG (XFN-ASIA) - HKC Holdings, known formerly as Hong Kong
Construction (Holdings), said controlling shareholder and chief executive
officer Oei Kang plans a share placement with independent parties up to 450
mln of his existing HKC shares at 2.80 hkd each, for a total of 1.26 bln hkd,
confirming an earlier report.
The company said in a statement HKC also plans at the same time to issue
an equivalent number of new company shares, which Kang has agreed to buy at
the same price.
The placement price of 2.80 hkd each represents a discount of 10.54 pct
to the stock's last closing price of 3.13 hkd on Tuesday.
The company expects to raise 1.22 bln hkd in net proceeds from the shares
sale, of which about 80 pct will be spent on its property development
business and about 10 pct on its renewable energy business.
The balance will be used for working capital.
HKC also said it intends to adopt further measures to restore its public
float in compliance with the stock exchange's listing rules, which may
involve placing new shares with independent parties.
(1 usd = 7.8 hkd)
emily.chow@xfn.com
ec/jc/net xfnjcc/xfnnt
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