China Jinmao : Plans to Raise HK$3.42 Billion via Share Placement

By P.R. Venkat

Real-estate developer China Jinmao Holdings Group Ltd. said it's planning to raise 3.42 billion Hong Kong dollars ($441 million) through a placement of shares.

The company is planning to issue a total of 602.34 million new shares at a price of HK$5.70 each, it said Monday.

The shares are being sold at a 6.6% discount to the last traded price of HK$6.10, the company said.

Proceeds from the placement will be used to fund business expansion.

Goldman Sachs is acting as the placement agent and the shares will be sold to not less than six investors, China Jinmao said.

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