Deals - Asia

Property group Seazen plans $351 million new share sale

HONG KONG (Reuters) - China's Seazen Group Ltd 1030.HK said on Tuesday it planned to sell new shares worth HK$2.73 billion ($351 million) to third party investors and that it would use the proceeds to fund its long-term business development and as general working capital.

The property development and management group plans to sell 311 million shares, representing 5.01% of the enlarged share capital, at HK$8.78 each to at least six independent investors.

The issue price represents an almost 3% discount to Monday’s close of HK$9.05 each.

Citigroup Global Markets Ltd is global coordinator, bookrunner and the placing agent.

Reporting by Donny Kwok; Editing by Himani Sarkar