Road King Infrastructure, one of the mainland's biggest toll-road operators, was seeking to raise as much as HK$935 million through a share placement for general working capital, taking advantage of the stock's recent gains, market sources said. The Hong Kong-listed toll-road operator was selling 83.5 million shares, or 13.8 per cent of its existing share capital, for HK$10.50 to HK$11.20 each, a 3 per cent to 9 per cent discount to the stock's closing price yesterday, according to the sale document obtained by fund managers. Of that, 80 million were new shares issued by the company and 3.5 million shares were old shares sold by the company's managing director and chief executive, Ko Yuk-bing, sources said. Of the total, 58.5 million shares were being sold to international institutional investors and 25 million were for Shenzhen Investment, which owns 24.1 per cent of Road King and is its second-largest shareholder, in order to maintain its stake at its current level. UBS is the placing agent. Shares of Road King, which operates 21 toll roads in eight mainland provinces, closed down 0.17 per cent at HK$11.54 yesterday. The stock has risen 24 per cent over the past two months after the firm unveiled plans to buy troubled Suzhou-based property developer Sunco in early September. Road King will pay 49.3 million yuan and assume 320.7 million yuan in debt to acquire all the shares of Suzhou Sunco, which owns an undeveloped 672,000 square metre site in Suzhou.