Aeon Credit Service (Asia) yesterday announced it would raise $600 million via the issue of certificates backed by credit-card receivables. The company said it had appointed Citicorp as its exclusive adviser in raising the money. The funds would be used to enable Aeon to write new credit-card receivables and expand other business in Hong Kong. The proposed transaction would involve the transfer of receivables originating under different card programmes into an independently-owned trust company. The proposed transaction was over five years but both Aeon and the trust company had the option to liquidate the programme after three years. Additional receivables would be continuously transferred to the trust company. Aeon said it would be applying to the Stock Exchange of Hong Kong for a waiver from having to obtain shareholders' approval for the transaction. Instead, Aeon would seek written approval from key shareholders who together hold more than 50 per cent of its share capital. The issue was subject to regulatory approval, as well as the completion of a due-diligence review, Aeon said. Aeon has continued to aggressively promote and expand the number of credit-card holders in Hong Kong despite the economic downturn which has seen private consumption decline.