Parent of Beijing Enterprises sells shares in the company

Money raised partly to pay for earlier acquisitions from the listed company.
The parent company of Beijing Enterprises Holdings last night raised HK$826.5 million $106.5 million by selling 50 million of its shares in the company.

Part of the proceeds from the placement will be used to settle the final payments for two companies û Sanyuan Foods and Badaling Tourism Development û it acquired from the listed subsidiary last year. The rest will go towards paying down debt.

The shares were priced at the bottom of the HK$16.53 to HK$16.875 offered range, which translated into a 5% discount to Beijing EnterprisesÆ close on Wednesday May 3.

The offered discount of 3-5% was quite low compared with other recent Hong Kong placements, but according...
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