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LVGEM (China) hopes to raise HK$775M of proceeds from share subscription deals

Hong Kong-headquartered LVGEM (China) Real Estate Investment Co. Ltd. signed share subscription agreements to issue convertible preference shares and new shares to two parties to raise a combined net proceeds of HK$774.6 million.

Silver Sure (BVI) Investments Ltd. will subscribe to 132,564,669 new convertible preference shares, representing about 3.88% of the investment holding company's total convertible preference shares in issue.

Subscription of the new shares, meanwhile, will be made by Leadon International Investments Real Estate Ltd. This issue will consist of 132,564,669 new shares, which is approximately 2.81% of the company's existing issued share capital.

The convertible preference shares and new shares will carry the same price of HK$2.938 per share, with net proceeds expected to be at HK$388.27 million and HK$386.36 million, respectively. LVGEM intends to use the funds for general corporate purposes and for financing new real estate projects.