Briefs, November 6, 2012

PUBLISHED : Tuesday, 06 November, 2012, 12:00am
UPDATED : Tuesday, 06 November, 2012, 4:24am

China Agri-Industries plans rights issue

China Agri-Industries Holdings plans to raise up to HK$4.48 billion through a rights issue to repay convertible bonds on the basis of three rights shares for every 10 shares. Right shares will be offered at HK$ 3.39 each, or at a discount of 31.38 per cent to the last closing price. A maximum of 1.3 billion rights shares would be issued, accounting for 33 per cent of the existing shares. Charlotte So

Citic Telecom jumps on acquisition buzz

Shares of Citic Telecom International advanced in late trading yesterday amid its discussions to buy a controlling interest in Companhia de Telecomunicacoes de Macau (CTM). Citic Telecom's shares finished up 1.69 per cent to HK$1.81 after trading resumed in the afternoon, after it asked the Hong Kong stock exchange to suspend trading pending an announcement. Bien Perez

Sohu profit drops 20pc in third quarter

Chinese online media, gaming and search giant expects its advertising revenue to be back on track this quarter after posting a narrower year-on-year profit decrease in the quarter to September. Nasdaq-listed Sohu yesterday reported a 20 per cent slide in third-quarter net profit to US$51.5 million from US$64.3 million a year earlier. Total revenue was up 23 per cent to US$285 million from US$232 million the previous year. Bien Perez