22 September 2018

China Merchants shareholders clear fundraising plan, paper says

China Merchants Property (000024.CN) shareholders have given the go-ahead to the company to raise up to 6.5 billion yuan (US$1.06 billion) through a private placement of new shares to help finance the acquisition of land use rights and supplement working capital, the China Securities Journal reported Friday, citing a regulatory filing. The company is planning to place the shares at 26.92 yuan apiece, it said. The refinancing plan is still awaiting approval from the securities regulator, it said.

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