First Pacific plans $505 mln rights issue to fund acquisitions

HONG KONG Mon May 27, 2013 8:17pm EDT

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HONG KONG May 28 (Reuters) - First Pacific Co Ltd said it plans to raise up to HK$3.92 billion ($505 million) though a rights issue and use the proceeds to finance potential acquisitions, to strengthen its balance sheet, and for general corporate purposes.

The Hong Kong-listed conglomerate, which invests in telecommunications, infrastructure and consumer food products, plans to issue up to 491.04 million rights shares on the basis of one rights share for every 8 existing shares held, it said in a filing to the Hong Kong bourse late on Monday.

The rights shares will be issued at HK$8.10 apiece, representing a 29.6 percent discount to the previous close.

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($1 = 7.7638 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Chris Gallagher)