China Resources Cement plans $534 mln share sale for business development

China Resources Building Materials Technology Holdings

12/06/2018 01:36

HONG KONG, June 12 (Reuters) - China Resources Cement
Holdings Ltd  1313.HK  said on Tuesday it planned to sell
HK$4.19 billion ($534 million) worth of new shares to its
controlling shareholder, raising capital for business
development, to repay debt and for working capital.
    The cement and concrete producer said it would sell 450
million new shares to CRH (Cement) Ltd at HK$9.30 apiece,
representing a 9.88 percent discount to the previous close.
    CRH will the buy the new shares following its sale of the
same amount of existing shares at the same price to third-party
investors. China International Capital Corp Hong Kong Securities
Ltd and Goldman Sachs (Asia) L.L.C. are the placing agents. 
    The shareholding of CRH and its associates in the cement
producer will be reduced to 68.72 percent on completion of the
deal, from 73.45 percent.
    The Hong Kong-listed firm said on Monday it expected to see 
a "significant increase" in first-half net profit due to the
higher selling price of its cement products.  urn:newsml:reuters.com:*:nFWN1TD08E
  

($1 = 7.8459 Hong Kong dollars)

 (Reporting by Donny Kwok; Editing by Stephen Coates)
 ((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters
Messaging: donny.kwok.reuters.com@reuters.net))