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HK's Fushan in $253m sharesale to fund China buys

Fri Jun 20, 2008 10:09pm EDT

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HONG KONG, June 21 (Reuters) - Coking and coal products maker Fushan International Energy Group Ltd (0639.HK) plans to sell HK$1.97 billion ($252.6 million) worth of new shares, raising capital to fund acquisitions, the firm said late on Friday.

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Fushan will sell 410 million new shares, representing 8.99 percent of its enlarged share capital, at HK$4.80 apiece, it said.

The issue price represents a discount of 6.07 percent to Fushan's closing price of HK$5.11 on Thursday ahead of a trading suspension. Trading in its shares will resume on Monday.

The net proceeds of about HK$1.92 billion will go to settle a part of the cash consideration for a recent acquisition.

Fushan said in May it would buy coking coal mining assets in China for HK$10.53 billion in a deal to be settled in cash and through the issue of new shares. (US$1=HK$7.8) (Reporting by Donny Kwok; Editing by Clarence Fernandez)

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