UPDATE 1-China developer Renhe tumbles on share placement
HONG KONG, July 16 (Reuters) - Shares in underground mall
developer Renhe Commercial Holdings () tumbled more than
9 percent after resuming trade on Thursday afternoon following
the company's announcement of a share placement.
As at 0756 GMT, the stock was down 9.3 percent at HK$1.85
after hitting an earlier low of HK$1.79, down 12.3 percent.
The company said in a statement to the Hong Kong stock
exchange it was placing 3 billion shares with investors at
HK$1.86 per share [ID:nHKG211226].
The placement price represents a discount of about 8.8
percent to the stock's last closing price of HK$2.04, it said.
The shares, to be placed by sole bookrunner UBS Hong Kong
with not less than six professional, institutional and
individual investors, represent about 15 percent of the
company's issued share capital and 13.6 percent of its enlarged
share capital.
Proceeds from the subscription are estimated to reach
HK$3.58 billion, which will be used for the acquisition of the
operation rights at new underground shopping sites, it said.
For statement please click
here
0716172.pdf
Renhe Commercial said earlier in the day it would buy six
underground shopping centre sites in China's Dalian, Harbin and
Weifang for a total of about 834 million yuan, adding 226,422
square metres to its current projects portfolio.
Separately, a source with direct knowledge of the matter
said the China arm of U.S. venture capital giant Sequoia
Capital retained its stake in Renhe and did not join the sale.
Sequoia Capital China and Hong Kong's New World Strategic
Investment announced in early 2008 that they jointly invested
2.3 billion yuan ($336.7 million) in Renhe before the company
went public. Sequoia Capital China holds nearly 1 percent of
Renhe Commercial.
($1=6.830 Yuan)
(Reporting by Nerilyn Tenorio and George Chen; Editing by
Valeie Lee)
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