Controller takes bulk of rights

PUBLISHED : Wednesday, 09 September, 1998, 12:00am
UPDATED : Wednesday, 09 September, 1998, 12:00am

Shenzhen International Holdings yesterday said it had received 192 acceptances and excess applications for its rights issue, which was 48.3 per cent subscribed. Controlling shareholder Shenzhen Building Materials Group and its subsidiaries took up the bulk of the rights provisionally allotted to them, representing 44.99 per cent of the total rights under the issue. Shenzhen also said the adjustment to the subscription price for existing warrants announced on August 7, down from $2 to $1.28, had become effective.