Warrants to raise $47m for Tung Fong Hung

Tung Fong Hung (Holdings) will place 360 million warrants at 13.3 cents each to raise $47.88 million.

The warrants, which will begin trading on the Hong Kong stock exchange on January 17, will entitle holders to subscribe for the company's new shares at 32.5 cents each. Upon full conversion, it will raise another $117 million.