* 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 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
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.