Poly Hong Kong Sells $466 Million of Stock for Land Purchases, E-mail Says

Poly (Hong Kong) Investments Ltd. is selling as much as HK$3.62 billion ($466 million) in new shares to fund its land bank and other expenditure, according to an e- mail sent to investors.

The company is offering 350 million shares at HK$8.68 to HK$9.05 each, representing a discount of 4 percent to 8 percent to its closing price of HK$9.43 yesterday, the e-mail said. It may exercise an upsize option to offer an additional 50 million shares, according to the e-mail.

The sale’s proceeds will be used to expand the company’s land bank and for “general corporate purposes,” the email said. BOCI, Citigroup Inc. and Standard Chartered Plc were managing the sale, according to the e-mail.

Poly will resume trading tomorrow on the Hong Kong stock exchange, the e-mail said.

To contact the reporter on this story: Fox Hu in Hong Kong at fhu7@bloomberg.net

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