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Renhe Commercial in top-up placement at HK$1.80-HK$1.88

Wed Jul 15, 2009 9:43pm EDT

Stocks

   

HONG KONG, July 16 (Reuters) - Renhe Commercial Holdings (1387.HK) will sell 3 billion shares in a top-up placement at HK$1.80-HK$1.88 per share, according to a term sheet issued on Thursday.

The size of the offer is US$710 million, and the price represents a discount of 8 to 12 percent to the stock's last closing price of HK$2.04. The shares were suspended from trading prior to the announcement.

UBS Hong Kong is the sole bookrunner of the placement. (Reporting by Nerilyn Tenorio; Editing by Chris Lewis)



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