China Suntien Plans to Raise $201 Million From Share Placement
China Suntien Green Energy Corp. (956), a wind-farm operator, plans to raise HK$1.56 billion ($201 million) through the placement of 476.7 million shares.
The company will sell the shares to six to 10 investors at HK$3.35 each, according to a Hong Kong stock exchange statement today. The price is 6.2 percent lower than yesterday’s closing.
About 70 percent of the proceeds will be spent on wind farms in China and 20 percent on natural gas businesses, with the remainder supplementing working capital, according to the statement. The placement will account for 12.8 percent of the issued share capital of the company after completion, China Suntien said.
Morgan Stanley & Co. International Plc and Citigroup Global Markets Inc. will be the placing agents.
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