Shimao Property raises HK$2.3b from share placement

Mainland developer Shimao Property (0813) is raising HK$2.31 billion from a share placement of 78.1 million existing shares at HK$29.73 per share.

The offered price is a 2.2 percent discount from the previous closing price on Wednesday. The number of placed shares represents 2.21 percent of of the company's issued share capital as enlarged by the placement.

Shimao plans to use the proceeds for projects, to repay the company’s debt and for general working capital, it said.