Quick placement from Shanghai Forte

More fundraising activity expected as Hang Seng Index breaks through 16,000.
Property developer Shanghai Forte Land took advantage of a record high share price yesterday April 3 to raise HK$694.9 million $89.5 million from a placement of new shares.

It was the companyÆs second follow-on share sale since it listed on Hong KongÆs main board in February 2004. Just over a year ago, it raised HK$413.4 million from a similar new share deal.

Morgan Stanley has acted as lead manager for all of the group's public equity offerings and brought the latest deal as the Hang Seng Index closed above 16,000 points for the first time in five years.

Shanghai Forte offered 175.9 million new H-shares between HK$3.80 to HK$3.98. This equated...
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