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China Northeast Sec plans 15 bln yuan share sale

Sat Jan 19, 2008 12:28am EST

Stocks

   

SHANGHAI, Jan 19 (Reuters) - Northeast Securities (000686.SZ), a medium-sized Chinese brokerage, said on Saturday it planned to raise up to 15 billion yuan ($2.1 billion) by placing new shares with as many as ten institutional investors.

The brokerage intends to sell up to 300 million shares, or 34 percent of its expanded share capital, at a price not less than 90 percent of its average market price over the past 20 trading days, which works out to 46.49 yuan.

The stock closed at 54.38 yuan on Tuesday, before it was suspended.

Northeast Securities said it would use the money to strengthen its capital base and expand in areas such as asset management. ($1 = 7.24 yuan) (Reporting by Andrew Torchia; Editing by Michael Urquhart)



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