STAR Paging said yesterday it had completed arrangements for a $92.1 million private placement with independent professional, private and institutional investors. The company issued 38 million shares at $2.425 each, which represents a 5.8 per cent discount to Friday's closing price of $2.575. Chairman Wong Kam-Fu has agreed to subscribe for 38 million new shares at $2.388. As of October 9, Mr Wong and his family owned 56 per cent of Star Paging. After the placement and the purchase of new shares, the Wong family's stake will be 50.8 per cent. Star Paging said it would use the proceeds of the private placement for its paging business in Hong Kong and China. The remainder will be used for general working capital.