Lianhua Supermarket Holdings (HKG:0980) raised 357 million yuan by selling 360 million new domestic shares to controlling shareholder Bailian Group for 1 yuan apiece.
The shares represent 24.33% of the company's enlarged issued share capital, and Bailian Group now holds 59.06% of Lianhua Supermarket.
The company plans to use the net proceeds to upgrade its supermarket and hypermarket outlets and boost working capital, a Tuesday bourse filing said.
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