PROD-ART Technology, a telecommunications group, is launching a $100.2 million rights issue to expand its China operations. Existing shareholders will be offered seven shares for every 20 of their current holding at 60 cents a share, a 32 per cent discount to the closing price on Tuesday. The funds will be used for manufacture of telephones for sale in China, expansion of its range of pagers and the marketing and distribution of cellular telephones. Trading in the shares is expected to resume today.
