Stocks News
- Suning plans private share placement
Date: 24-Apr-2007 Sources: (Shenzhen Daily)
SUNING Appliance Co., China's second-largest electronics retail chain, said it planned to raise as much as 2.43 billion yuan (US$315 million) in a private share placement to fund its expansion.
The company will issue up to 73 million A shares, or just under 5 percent of its enlarged capital, to selected investors at a price of no less than 33.30 yuan per share, Suning said in a statement at the weekend. Funds raised from the placement, to investors including fund managers, brokerages, insurance companies and foreign institutional investors, will help fund the addition of 250 new stores nationwide, the company said. The new stores will provide estimated annual pretax revenue of 18.6 billion yuan, it added.
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