Haier Electronics completes refinancing through share issuance

Published: 25 Mar 2009 18:50:45 PST

Mar. 26, 2009 (China Knowledge) - Haier Electronics Group Co Ltd<1169>, China's largest home appliance maker, has completed the issuance of 75 million H-shares, the company's board of directors announced on Tuesday, sources reported.

Since the company granted four warrants for each share, some securities professionals estimated that the share issuance will bring in about RMB 247 million.

According to published data, if the new shares and the related warrants all sell, the company's parent, Haier Group and affiliated companies, will hold a 59.16% stake in Haier Electronics, whereas currently their stake is 70.52%.

Haier Electronics will use the proceeds to replenish its working capital, according to China Knowledge's earlier report.

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