ARNHOLD Holdings has announced that the issue of its 49.38 million new shares was 583 times subscribed. The company, which is a supplier of international brand name building products and engineering equipment, had offered the new shares at $1.25 each to raise $61.72 million. ''We are extremely pleased with the subscription level. The investors' response reflects their interest and confidence in our business and in our plans for the future,'' said Arnhold chairman and managing director Michael Green. Trading in the shares is expected to start on January 10. The net proceeds of the issue are estimated to be $52 million. Of the figure, about $20 million is to be used to invest in existing building product factories in China and to upgrade production capabilities. Arnhold, which hopes to benefit from China's preferential treatment of import substitution, plans to spend about $5 million to set up its distribution facilities, including warehousing for building products. It will spend a further $2 million to expand the manufacture and sale of Koolduct air-conditioning duct systems. The company will use the balance of the funds raised as additional working capital and to reduce bank borrowings. Arnhold made a profit of $21.62 million on a turnover of $260.16 million in the year ended December 31. The forecast for combined profit after tax but before extraordinaries for this year is expected to be not less than $30 million. Directors do not see any extraordinary items arising during this year.