China Agri-Industries plans $579 mln rights issue

HONG KONG, Nov 6 (Reuters) - China Agri-Industries Holdings Ltd said it planned to raise up to HK$4.49 billion ($579.35 million) in a rights issue of shares for payment of a possible redemption of convertible bonds and for working capital.

In a filing to the Hong Kong bourse late on Monday, the Chinese agricultural products producer and distributor said it planned to issue up to about 1.32 billion rights shares in the proportion of three rights shares for every 10 shares held.

The rights share will be priced at HK$3.39 each, representing a 31.4 percent discount to the last closing price.

For statement click: here

China Agri-Industries shares have fallen 16.4 percent so far this year, lagging a 19.4 percent rise in the benchmark index . ($1 = 7.7500 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Tim Dobbyn)