UPDATE 1-Shui On makes improved offer for China Central

* Share offer values CCP at about 249 million stg

* Cash-and-share offer values CCP at about 216 mln stg

May 12 (Reuters) - Shui On Construction and Materials Ltd (0983.HK) said it made an improved offer for property investment company China Central Properties Ltd (CCPL.L), valuing its London-listed unit at about 249.12 million pounds ($378.4 million).

Under the terms of the offer, China Central Properties' (CCP) shareholders may either choose to receive 1.150 new Shui On Construction shares for each CCP share held, or 0.575 new Shui On Construction shares plus 32.50 pence in cash for each CCP share, the companies said in a statement.

The 249.12 million pounds share offer, which values each China Central share at 88.59 pence per share, represents a premium of 188.11 percent over the company's March 11 closing price of 30.75 pence per share.

The mixed offer values the entire existing issued share capital of China Central at about 215.95 million pounds, or 76.80 pence per share.

Under the previous terms on April 7, shareholders could opt for 0.94864 of a new Shui On share for each China Central share they owned, or 0.47432 of a new Shui On share plus 27.50 pence in cash per CCP share.

Hong Kong-listed Shui On Construction is engaged in property, cement, construction and venture capital investment.

CCP shares were trading up 3.65 percent at 78 pence at 1319 GMT on Tuesday on the London Stock Exchange. ($1=.6582 Pound) (Reporting by Purwa Naveen Raman in Bangalore; Editing by Vinu Pilakkott)