Interchina Holdings Co. Limited (HKG:0202) announced that it agreed to sell a maximum 854 million share at a price of HK$0.42 per share or HK$358.68 million in total. The net proceeds will be HK$351.1 million.

The placing price represents a discount of 18.6% to the closing price on the last trading day and the placing shares represent 16.65% to the enlarged issued share capital of the Company.

The Company intends to apply the net proceeds as to HK$221.1 million for supporting payment of the consideration for increasing the Group's equity interest in Beijing TDR Enviro-Tech Co., Ltd, which is principally engaged in the development of the treatment technology and technique and the production of equipment/construction of facility for sewage water treatment purpose and HK$100 million for the funding for a possible acquisition of a nature resources operation project; and as to HK$30 million as general working capital.

Source:chinesestock