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