road-king-raises-cash-from-followon-offering

Road King raises cash from follow-on offering

The toll road operator sells $118 million worth of shares to help pay for its transition into a property developer.
Road King Infrastructure last night joined the multitude of Hong Kong-listed companies seeking fresh funds from the stock market as the benchmark index trades at record levels. The index penetrated 19,000 points for the first time earlier this week, but has since fallen back slightly. Yesterday it gained 0.8% to close at 18,952 points.

The Mainland toll road operator raised a total of $915.2 million $118 million from a placement of mainly new shares that came three days after it announced details of an earlier flagged acquisition of distressed property developer Suzhou Sunco Property.

The acquisition, which will cost the company Rmb370 million $47 million in cash and assumed debt, is part of a plan...
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