China State Construction (HKG:3311) plans to issue up to 244.6 million shares to China Orient Asset Management (International) at HK$12.26 apiece.
Gross proceeds from the subscription will amount to about HK$3 billion, according to a Tuesday filing with the Hong Kong bourse.
The amount will be used to repay interest-bearing debts, for production, research and development related to prefabricated construction, and for investments in its construction-related businesses, the filing said.
Shares rose 4% during Wednesday's afternoon trading.
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