Sinofert raises $308 million from placement

The deal for the Chinese fertilizer company sees good demand despite a 94% surge in the share price so far this year.

Sinofert Holdings, a manufacturer and distributor of fertilizers and one of ChinaÆs largest listed chemicals companies, last night raised HK$2.4 billion $308 million from a sale of new shares after its share price hit yet another record.

The company, which is a unit of Mainland oil trader Sinochem Corporation, said it will use the money for business expansion, which could include both greenfield developments and acquisitions. Some of the funds may also go towards working capital or other general...

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