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Chinese Estates to sell $214 mln shares -term sheet

Wed Jun 24, 2009 10:16pm EDT

Stocks

   

HONG KONG, June 25 (Reuters) - Property firm Chinese Estates Holdings (0127.HK) is selling 118 million shares to raise up to $214.4 million for property investment in China and as working capital, according to a term sheet on Thursday.

The shares are on offer at HK$13.26 to HK$14.17 each, representing a discount of between 7 percent and 13 percent to their close of HK$15.24 on Wednesday, the document said.

The offer also carries an up-size option of 29.5 million shares, it added.

Trading in the stock was suspended on Thursday, pending a statement on a top-up placement, the company said in a statement to the Hong Kong stock exchange. (Reporting by Alison Lui; Editing by Ken Wills)



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