Sunac China plans to raise over HK $ 7.8 billion in new shares to optimize the c

Chinese real estate developer Sunac China (1918.HK) said on Friday it planned to raise HK $ 7,822 million in new shares to optimize the company's capital structure.

According to the announcement, Sunac China placed 251.5 million shares in an old and new way, equivalent to approximately 5.72% of its enlarged share capital. The placement price of HK $ 31.1 per share is 12% discount to the closing price on Thursday and the net fund raising is estimated to be approximately 77.72% HK $ 100 million for general working capital.

After the completion of the placing, the holding percentage of Sunac International Holdings Limited and its concert parties controlled by Sun Hongbin, the chairman of the Company and executive director, in Sunac China will be diluted from 50.7% to 47.8%.
 

Rongchuang China last allotment for fund-raising in July this year, when the share price of HK $ 18.33 per share placement of 220 million new shares, raised more than 4 billion Hong Kong dollars for general working capital. In the week before the placing, the company signed a transfer agreement with Wanda Commercial and acquired a number of cultural tourism city projects from the latter.

Last month, the company announced that it will be able to provide a total of 1.79 billion yuan of loans to associated companies LeTV (300104.SZ) and LeTV Zhixin at an interest rate of 10% per annum as the general working capital of the two companies.