Shougang Concord Grand (Group) Ltd. lowered the subscription price of its proposed rights offering to 13.8 Hong Kong cents per share from 18.7 cents per share.

The company said Sept. 20 that it lowered the subscription price following negotiations with the underwriter over the prevailing market price of the shares.

Based on the revised subscription price, the company expects to raise HK$172.8 million through the offering. The company has set Oct. 5 as the record date for determining the entitlements to the offering.