By P.R. Venkat
China Gas Holdings is planning to raise 11.60 billion Hong Kong dollars (US$1.49 billion) in net proceeds through a share placement, proceeds of which will be used to fund business expansion.
The company will issue a total of 392 million shares at HK$29.75 each, which is a 9% discount to Wednesday's closing price, China Gas said Thursday.
"The company believes that it will be able to enrich its shareholder base by attracting a number of high calibre investors to participate in the placing," it said.
As part of the business development, China Gas intends to use the proceeds to acquire city gas projects in China and expand its liquefied petroleum gas microgrid business.
Goldman Sachs, UBS are among the banks advising China Gas for the share placement.
Write to P.R. Venkat at email@example.com
(END) Dow Jones Newswires