South China plans $83m share issue

PUBLISHED : Monday, 26 January, 1998, 12:00am
UPDATED : Monday, 26 January, 1998, 12:00am

South China Holdings plans to raise $83 million by issuing not less than 76.02 million new shares at $1.10 each.

Shareholders have undertaken to apply for about 51.46 million new shares.

The issue will be allotted on the basis of one for every five shares held by shareholders. This excludes overseas shareholders.

Key shareholder Earntrade Investments, controlled by Robert Ng Hung-sang, Richard Howard Gorges and Cheung Choi-ngor, owns 26.74 per cent of the existing issued share capital and has irrevocably undertaken to apply for its entire entitlement of about 20.33 million new shares.

Mr Ng, holding about 89.85 million shares, will apply for his entire entitlement of 17.97 million new shares. Significant shareholder Lee Hing Development will apply for about 13.16 million shares.