January 10, 2020 / 1:32 AM / 12 days ago

Sunac China plans $1 billion share sale to enlarge shareholders' base

HONG KONG (Reuters) - Sunac China Holdings Ltd (1918.HK) said on Friday it planned to sell HK$8 billion ($1.03 billion) worth of new shares to third party investors to enlarge its shareholders’ equity base and optimize the capital structure.

The Chinese property developer plans to sell 186.92 million shares, representing 4.03% of its enlarged share capital, to not less than six independent investors, raising capital for general corporate purposes.

The new shares will be sold at HK$42.80 each, representing 8.25% discount to Thursday’s close of HK$46.65 each.

Morgan Stanley & Co. International plc is the placing agent.

Reporting by Donny Kwok; Editing by Kim Coghill

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