| The Republic's sovereign wealth fund GIC will invest around HK$1.16 billion (S$202 million) in Franshion Properties China to more than double its stake in the Chinese developer to around 6.5 per cent, from 3 per cent currently. This is according to a corporate filing by Franshion to the Hong Kong stock exchange on Tuesday (Jun 9).
Franshion, whose biggest shareholder is Sinochem Corp, will raise HK$4.37 billion by placing 1.6 billion shares to investors including GIC. It will use the proceeds for potential investments and debt financing. The placement price of HK$2.73 represents a 9.9 per cent discount to the last closing price. Following the placement, New China Life Insurance Co. will become Franshion’s second-largest shareholder with a 9.5 per cent stake, while Sinochem’s holding will be diluted to 54 per cent from 64 per cent. GIC will be the firm's third-largest shareholder with around 6.5 per cent...............................................Full Article: Source
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