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Sci-Tech in bid for $52m through issue

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Radio communications equipment and software maker China Sci-Tech is planning a two for one rights issue in a bid to raise $52.2 million.

The rights issue, priced at 20 cents per share, represents a 41.17 per cent discount to yesterday's closing price. China Sci-Tech yesterday rose 1.49 per cent to close at 34 cents. The company has been listed since July 1997.

The company distributes two-way radio communication equipment and related software in the mainland.

Last month, the firm denied rumours concerning discussions with United States television set-top maker MyWeb Inc.com on providing on-line financial information to investors.

The company's leading shareholder, Ideal Gain Enterprises, was reported last month to have sold down 34.8 million shares in the company.

TECHNOLOGY

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