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Warrants exercise to produce $157m more for Triplenic

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Property and investment company Triplenic Holdings said it could raise $180 million from shareholders when they exercised warrant rights expiring in October.

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Triplenic issued 73.92 million warrants in October last year, raising $23.4 million. If all shareholders subscribe, $157 million could be booked.

Speaking after the company's annual general meeting, managing director So Kwok-hoo said the proceeds would be used for future property development in Hong Kong and investments on the mainland.

He said the company was reviewing a $100 million investment opportunity in the mainland cement industry.

'Cement production can generate steady recurring income, which will enhance our financial stability,' Mr So said.

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'The yield will not be less than 30 per cent.' Mr So said the China venture company could eventually generate 40 per cent sales.

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