SHANGHAI Outer Gaoqiao Free Trade Zone Development, the first Chinese property developer to offer B shares, has announced plans to raise 164.47 million yuan (about HK$147.85 million) through a proposed rights issue of 38.25 million B shares.
The issue of three shares for every 10 existing shares held will be pitched at 4.3 yuan each, payable in full on acceptance at US$0.5 per share.
The price represents a discount of about 35 per cent to the closing price of $0.768 per share quoted on the Shanghai Stock Exchange yesterday.
Shanghai International Securities and Baring Brothers and Co have been appointed to underwrite the issue.
The company has also announced a proposed rights issue of A shares for Chinese shareholders, allotted in the same proportion of three for 10.
The A-share issue will raise about 128 million yuan after expenses are deducted.
