New World group seeks $2 billion from rights issues

New World Development aims to raise HK$11.3 billion from a November rights issue and will also underwrite a HK$4.29 billion rights offering for New World China Land in December.

New World group seeks $2 billion from rights issues
Managing director Henry Cheng at the company's annual results announcement

New World Development and its 69%-owned subsidiary, New World China Land, have announced plans to raise a combined HK$15.6 billion $2 billion from two separate rights issues in November and December.

In a statement issued yesterday morning, the two Hong Kong-listed companies said that in light of the prevailing market conditions, it is in the best interests of the companies and their shareholders to raise long-term equity funding for general working capital New World...

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