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Xinyi Glass sells $67 mln in new shares to repay debt

Post Time:May 31,2009Classify:Company NewsView:342

Xinyi Glass Holdings (0868.HK) on Wednesday said it would sell HK$522 million ($66.9 million) in new shares to controlling shareholders, raising capital for debt repayment, to fund production and for working capital.

The company said it would sell 90 million new shares at HK$5.80 each to controlling shareholders after the shareholders completed a sale of a total 170 million shares at the same price for HK$986 million ($126.4 million).

The issue price represented a 7.6 percent discount to its last closing price of HK$6.28 on Tuesday.

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Source: ReutersAuthor: shangyi

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