Capitalising on the surge in Qingling Motors Co's share price, Silver Grant International yesterday placed 80 million Qingling shares to raise $238 million. The placement, handled by HG Asia, was carried out at $2.975 per share - a 2.5 per cent discount to the counter's closing price of $3.05, which was up 15 cents on Wednesday's close. The sale will give Silver Grant a profit of $166 million, using an estimated cost of 89 cents each. Silver Grant acquired 280 million Qingling shares in early 1994 before the Chinese light-duty truck maker listed in Hong Kong.
