* New shares sold at 5.9 pct discount to Wednesday’s close
* CLP to use proceeds to fund expansion
* One of the biggest primary issuances in HK this year
By Fiona Lau and Elzio Barreto HONG KONG, Dec 13 (Reuters) - Power utility CLP Holdings Ltd , controlled by Hong Kong’s billionaire Kadoorie family, raised about $982 million to fund its expansion in one of the biggest primary stock sales in the city this year.
CLP Holdings, which has generation and electricity supply businesses in countries including Hong Kong, Australia, India and China, sold 120.3 million new shares at HK$63.25 each, a discount of 5.9 percent to Wednesday’s closing price, the company said in a securities filing on Thursday.
Its shares fell 3 percent to HK$65.15 in midmorning trade.
The HK$7.61 billion ($982 million) offering was the sixth biggest primary sale in the city in 2012, a year marked by a slump in IPOs and increased investor appetite for shares in already-listed companies.
The proceeds will be used to fund CLP Holdings’ investment needs in Hong Kong, such as building infrastructure required to bring gas from mainland China and to expand generating capacity in its existing markets.
CLP’s Australian unit TRUEnergy is planning a share flotation next year, although the company is also weighing up other financing options to grow its Australian business.
CLP has a market value of $20.9 billion based on Wednesday’s close and is chaired by Sir Michael Kadoorie. The Kadoories also control Hong Kong & Shanghai Hotels and the family’s estimated net worth is $6.6 billion, according to Forbes.
Goldman Sachs, J.P. Morgan and UBS managed the offering.