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Article: China: Evergro plans USD 169 million rights issue to fund China expansion.
- Article from:
- TendersInfo
- Article date:
- May 31, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: syam98
China's booming property market may be showing signs of slowing, but local property firm Evergro Properties is still decidedly bullish.
The firm, part of the Keppel Group, is raising $169 million to spend on more land in China, as well as to upgrade a golf course there.
Evergro is raising the funds by offering existing shareholders the right to buy three new shares for every two held, at a price yet to be announced.
It intends to offer 761.8 million new shares in the exercise, which requires shareholder approval.
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