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GR Properties to raise HK$729M through open offering

Hong Kong-based real estate company GR Properties Ltd. plans to issue 910,932,662 of its shares, at 80 Hong Kong cents per share, in an open offer to raise around HK$728.8 million.

The company will offer one share for every two shares held by shareholders on record as of June 13.

The company intends to use approximately HK$551.9 million of the proceeds to repay outstanding liabilities, and about HK$176.8 million for general working capital.

In addition, Wintime Co. Ltd., a controlling shareholder of the company, agreed to subscribe to not less than 93,826,063 shares from the offering.

Gang Rui International Investment (HK) Ltd. will act as the underwriter for the remaining 817,106,599 shares in the offering.