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2008-2-6 08:53:00 a.m. HKT, XFNA
Hong Kong's Harbour Centre to raise up to 2 bln hkd from rights issue
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HONG KONG (XFN-ASIA) - Harbour Centre Development Ltd, a unit of Wharf
(Holdings), said it plans to raise up to 2 bln hkd from an issue of 157.50
mln rights shares at 12.80 hkd each.
The shares will be offered on the basis of one rights share for every two
existing shares held.
The rights issue price represents 21 pct discount to the stock's last
trading price of 16.3 hkd.
The company said it will use the proceeds for China property development
projects.
Harbour Centre has begun expanding property investments in China,
acquiring several sites in four cities on the mainland since September 2007.
The company's land bank in China currently stands at over 23 mln square
feet. The group will continue to seek more investment opportunities in China,
it said in a statement.
Meanwhile, the company plans to increase authorised share capital to 1.2
bln shares from 380 mln shares.
(1 usd = 7.8 hkd)
roby.lau@xfn.com xfnrl/xfnrc
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