China Land to raise HK$90.4mln by top-up placement of 226mln shares

China Land (0149) announced to raise HK$90.4mln by top-up placement of 226mln shares at HK$0.4 each. The net raised fund will be HK$88mln, of which HK$20mln will be used to pay off debts and rest will be used as general operation capital. Placing price is 14.9% against the closing price of yesterday and the placed shares accounts for 19.89% of issued share capital and 16.59% of expanded share capital. After placement, shareholding of China Strategic (0235) in China Land will be decreased from 74.98% to 62.54%.

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