Poly HK raises US$395 mln via new share offering

Published: 14 Oct 2009 23:05:33 PST

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Oct. 15, 2009 (China Knowledge) - Poly (Hong Kong) Investments Ltd<0119>, a subsidiary of China Poly Group Corp, has raised US$395 million by issuing 380 million new shares, sources reported.

The Hong Kong-listed company sold the shares for HK$8.10 apiece, which is at the high end of the firm's proposed price range.

Previously, Poly planned to sell the shares at prices ranging from HK$7.80 to HK$8.10 each, representing a discount of between 8.9% and 12.3% to the stock's closing price of HK$8.89 on Tuesday.

BOC International Holdings Ltd and Citigroup Inc are joint book runners and joint placement agents for the deal.

Shares of Poly were suspended from trading on Wednesday morning, pending a statement on the share placement.