China brokerage Haitong plans $413 mln rights issue

HONG KONG, April 23 Tue Apr 22, 2014 8:40pm EDT

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HONG KONG, April 23 (Reuters) - Haitong International Securities Group Ltd said on Wednesday it planned to issue up to HK$3.2 billion ($413 million) worth of rights shares, raising capital to fund business development and for refinancing.

The Chinese brokerage plans to issue up to 841.7 million rights shares, offering one rights share for every two existing shares held at HK$3.80 apiece, it said in a filing to the Hong Kong bourse.

The issue price represents a 11.2 percent discount to the stock's previous close, it added.

Haitong said the rights issue would strengthen its capital base and enhance its financial position without increasing finance costs. ($1 = 7.7527 Hong Kong Dollars) (Reporting by Donny Kwok; Editing by Edwina Gibbs)

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