Franshio Ac adapter n Property to raise HK$1.15 bln via top-up placement
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Franshion Property to raise HK$1.15 bln via top-up placementPublished: 24 Jul 2009 00:43:17 PST

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Jul. 24, 2009 (China Knowledge) - Franshion Property (China) Ltd<0817>, a real estate subsidiary of a state-owned enterprise Sinochem Group, on Jul. 22 announced that it plans to offer 769 million shares for HK$1.15 billion through a top-up placement accounting for 8.84% of Franshion Property's outstanding shares, sources reported.

According the statement the firm filed with the Hong Kong Stock Exchange, Sinochem Group will sell 768.9 million shares of Franshion Property to more than six institutional investors and will then purchase 461.34 million new shares from Franshion Property.

The price for both transactions will be HK$2.52 per share, which will be an 8% discount compared with the closing price on Jul. 21.

Sinochem Group's shareholding will decline to 62.87% from the previous 69.74%, bringing ea ings of HK$775 million.

Franshion Property still plans to acquire properties in China's first-tier cities, said an insider of the company on Jul. 22.


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