Developer Sunac China plans $580 million share sale to repay loans By Reuters

© Reuters. FILE PHOTO: Sunac China Holdings Ltd brand is seen throughout a exhibition in Hangzhou, Zhejiang province, China, Could 25, 2015. Image taken Could 25, 2015. China Every day/through REUTERS

HONG KONG (Reuters) -Chinese language property developer Sunac China Holdings Ltd stated on Thursday it deliberate to lift HK$4.52 billion ($580.09 million) from a share sale for reimbursement of loans and basic company functions.

The Hong Kong-listed developer plans to promote 452 million new shares, or 8.3% of the enlarged share capital, to controlling shareholder Sunac Worldwide Funding Holdings, it stated in a submitting to the Hong Kong bourse.

The brand new shares shall be issued at HK$10 apiece, representing a 15.3% low cost to Wednesday’s closing worth of HK$11.80 every.

Shares of Sunac tumbled 22% in afternoon commerce to HK$9.2, versus a 0.2% decline within the broader market

A supply near Sunac advised Reuters the corporate has no extra plan within the close to time period to put its shares or shares in unit Sunac Providers to lift capital, including it has adequate funds to satisfy debt cost obligations due within the brief time period and for undertaking growth.

Sunac China didn’t instantly reply to a request for remark.

Sunac final issued new shares and offered a stake in Sunac Providers in November to lift a complete of $948 million.

Sunac Providers advised buyers on Tuesday it additionally had no share placement plan nor new connected-party transactions scheduled and it will resume share buybacks, in line with a report by brokerage Jefferies.

Within the newest share placement, the controlling shareholder will purchase the brand new shares after promoting the identical quantity of current shares on the identical worth to third-party buyers.

Morgan Stanley & Co (NYSE:). Worldwide plc is the putting agent.

($1 = 7.7919 Hong Kong {dollars})

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