Benefun Int'l to place 133.6 mln shrs at 0.115 hkd/shr, raise 15 mln hkd

HONG KONG (AFX-ASIA) - Benefun International Holdings Ltd said it is proposing to place 133.6 mln new shares to independent investors at 0.115 hkd per share.	    The placement is expected to raise net proceeds of about 15 mln hkd, of which 5 mln hkd will be used to repay bank borrowings and the remainder will be used as general working capital, it said in a statement.	    The placement shares represent 16.66 pct of the company's enlarged share capital.	    Kingston Securities Ltd has been appointed the placing agent.	    Following the placement, Benefun's chairman and largest shareholder, Tan Sim Chew, will see his stake in the company diluted from 14.51 pct to 12.09 pct, while managing director Chen Miao Zhu will see her stake fall from 5.25 pct to 4.38 pct. 

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