0250.HK in HK$403 mln placement

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09:41  15-FEB-2000 0250.HK in HK$403 mln placement

HONG KONG, Feb 15 (Reuters) - Property and Internet group Ltd said on Tuesday it will raise net proceeds of about HK$403 million for working capital and for expansion.

It said in a published statement that two substantial shareholders controlled by Chairman Yu Pun-hoi would place 300 million shares with independent investors at HK$1.03 per share, a 11.21 percent discount to its close on Monday.

The shares represented about 8.53 percent of's existing capital.

Yu would subscribe for a total of 400 million new shares through two wholly-owned companies at HK$1.03 per share. After the placement and subscription, Yu's stake would fall to about 53.35 percent from 56.57 percent now. The company said the placement and subscription would broaden its shareholder base and it would use about 30 percent of the proceeds for working capital and invest the rest in the Internet and in broadband businesses.

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