Star East rumored to place 450 mln shares to raise HK$83.25 mln

Star East Holdings (0198), which was suspended yesterday, said that it planned to place shares to raise fund and place convertible bonds. A report also claimed that the company would place 450 mln new shares at HK$0.185 each to raise HK$83.25 mln, partial of which would be used for investment in Mobile Media and the remainder would be used for ordinary operational purpose.

The placed shares accounted for more than 35% of the expanded shares and the placing shares represented a 7.5% discount of the closing price of HK$0.2 yesterday.

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