SUN Hung Kai and Co is to raise $241.8 million through the placement of 62 million new shares. Subject to listing approval from the stock exchange, private and institutional investors will take up the new shares, which represent a 9.99 per cent slice of SHK's existing issued share capital, at $3.90 a share. The price marks a 4.87 per cent discount to Friday's close of $4.10. The placement is due to take place on the first business day after the stock exchange gives the green light to listing and dealing in the new shares. But yesterday's statement on the proposed placement suggests that while investors have provisionally subscribed for the shares, this approval has not yet been sought from the stock exchange - although the intention is to apply for it. Sun Hung Kai chairman Tony Fung Wing-cheung said: ''The proceeds of the subscription will amount to approximately $241 million after expenses and will be used as working capital of the company.