New Rank City Development to raise HK$9.6 mln by placement

New Rank City Development(0456) said it would place 7.5 mln shares at HK$1.3 to independent investor Lu Jinyang. The raised HK$9.6 mln would be used for operating funds. The placing price represents a discount of 3.7% to the closing price of HK$1.35 of Monday. The placing shares accounted for 2.9% of the enlarged capital. After the dealing, the shares held by Lu Jinyang will be increased from 1.1% to 4% . While the shares held by the leading shareholder and chairman Leung Kwo will be reduced from 50.1% to 48.6%.

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