SHANGHAI International Shanghai Growth Investment has announced that it has successfully placed a second batch of 1.13 million new shares at US$10.40 per share to raise US$11.3 million. The company has also issued 227,000 new warrants, one new warrant for every five new shares subscribed. Trading in the new shares and warrants is expected to begin on May 16. Director Andrew Sherrill said the issue price represented a premium of about 22.9 per cent to yesterday's closing price of HK$66 per share. The company, in its prospectus dated November 15, 1993, said it intended to place a maximum of 10 million shares of 10 US cents each. It also said it would issue one warrant for every five shares subscribed. On November 26, 1993, the company announced that it had successfully placed 8.5 million shares together with 1.7 million warrants. Mr Sherrill said the new shares under the second placement, when issued, would represent 11.8 per cent of the company's enlarged share capital. The new warrants would also represent about 11 per cent of the total number of warrants issued.
