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Sunac to issue HK$2.80B in shares to controlling shareholder

Sunac ChinaHoldings Ltd. agreed to issue shares to its controlling shareholderfor around HK$2.80 billion.

The company signed a subscription deal with SunacInternational Investment Holdings Ltd. for 453,074,433 shares at a price ofHK$6.18 apiece, subject to certain conditions. The shares represent around13.31% of the company's existing total issued shares as of Sept. 26.

Sunac China Chairman Sun Hongbin owns Sunac International.As of Sept. 26, the chairman and Sunac International own 0.30% and 46.70%stakes in Sunac China, respectively.

An extraordinary general meeting will be held to solicitapproval for the transaction. Sunac China will also apply to the Hong Kong boursefor the listing of and permission to deal in the subscription shares. Itappointed Quam Capital Ltd. to serve as independent financial adviser for thesubscription deal.

The company expects to use the net proceeds from thetransaction to repay offshore debt and for general working capital.

A Sunac unit recently agreed to take a 16.69% stake in mainland developerJinke Property Group Co. Ltd.