shougang-concord-raises-231-million-from-placement

Shougang Concord raises $231 million from placement

The Chinese steelmaker takes advantage of a sharp gain in Mainland steel stocks to price its placement at the top of the range.
Steel manufacturer Shougang Concord International Enterprises has raised HK$1.8 billion $231 million from a top-up share placement, taking advantage of a rise in Chinese steel stocks this week.

Shougang sold 800 million shares, or 13.2% of its existing issued share capital, at HK$2.26 per share. The price was fixed at the top of an indicative range starting from HK$2.14, and represents a discount of 8.1% to the HK$2.46 closing price at yesterdayÆs morning session. The shares were suspended in the afternoon to carry out the placement, but were set to resume trading today.

The share price rallied 6.5% in the morning before the deal, however, and based on the previous dayÆs...
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