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01109 CHINA RES LAND
RTNominal up24.750 +0.150 (+0.610%)
Disclosure of Interest

22/10/2019 09:52

China Res Land (01109) to places shares for HK$6.72bn

[ET Net News Agency, 22 October 2019] China Resources Land Limited (01109) said the
vendor and the company entered into an agreement with a placing agent pursuant to which
the placing agent has agreed to act as agent for the vendor (to the exclusion of all
others) to place (or failing which itself to purchase) a total of 200 million placing
shares at a price of HK$33.65 per share owned by the vendor to no less than six
independent placees.
The shares to be placed represent approximately 2.8% of the company's issued share
capital as enlarged by the subscription. Pursuant to the agreement, the vendor has
conditionally agreed to subscribe for and the company has conditionally agreed to allot
and issue to the vendor 200 million subscription shares equivalent to the number of the
placing shares, at the subscription price.
The placing price of HK$33.65 represents a discount of approximately 6.9% to the closing
price of HK$36.15 on the last trading day.
The vendor is CRH (Land) Limited, a company incorporated in the British Virgin Islands
with limited liability, holding approximately 61.2% of the issued share capital of the
company as at the date of the agreement.
The net proceeds from the subscription are estimated to be approximately HK$6.72
billion, net of professional fees and out-of-pocket expenses. The company intends to use
the net proceeds from the subscription for (i) acquisition and development of the land in
relation to the projects of the group; and (ii) as general working capital of the group.
(RC)

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