January 16, 2018 / 1:07 AM / a month ago

China Hongqiao plans $800 mln share sale to reduce debt

HONG KONG, Jan 16 (Reuters) - Aluminium products maker China Hongqiao Group Ltd said on Tuesday it plans to sell HK$6.24 billion ($800 million) worth of new shares to its controlling shareholder to cut its debt.

The mainland China-based company will issue 650 million new shares to its chairman-controlled China Hongqiao Holdings Ltd at HK$9.60 apiece, representing a 10.45 percent discount to the previous close.

$1 = 7.8238 Hong Kong dollars Reporting by Donny Kwok; Editing by Malcolm Foster

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