Headwear raises cash

Casual headwear maker Mainland Headwear's major shareholder Successful Years International - controlled by chairman Ngan Hei-keung - has placed 18 million existing shares to Templeton Strategic Emerging Funds, and two million shares to Paramount Apparel International, at HK$1.75 each, a discount to the HK$1.89 closing price of the company's shares yesterday. Templeton will hold a 6.8 per cent stake in Mainland. Successful Years will then subscribe 20 million new Mainland shares at the same price, raising about HK$34 million for Mainland.