China's Pacific Sec plans $1.3 bln private placement

SHANGHAI, April 11 (Reuters) - China's Pacific Securities (601099.SS: Quote, Profile, Research, Stock Buzz), a small brokerage, said on Friday it planned to raise up to 9 billion yuan ($1.29 billion) in a private share placement to boost its business.

Pacific Securities planned to issue 180 million to 450 million new shares to up to 10 institutional investors, it said in a statement to the Shanghai Stock Exchange.

The shares will be priced at above 18.93 yuan, or over 90 percent of the average price over the past 20 trading days.

Shares of the company closed at 21.53 yuan on Wednesday before trading was suspended on Thursday, compared with its debut price of 46 yuan last December. ($1=6.991 Yuan) (Reporting by Alfred Cang)