Shui On Land to launch rights issue as profits plunge

Shui On Land is to raise up to HK$4.13 billion through a rights issue to finance its involvement in two large-scale urban renewal projects in Shanghai and future land acquisition.

The news came as the company revealed its full-year underlying profits had plunged 87 per cent year on year to 201 million yuan (HK$248 million) in 2012.

The company announced a rights issue of one new share for every three shares held. The rights shares will be priced at a steep discount of HK$1.84 each, or almost 45 per cent below Wednesday's closing price of HK$3.34 a share.

via Business feed http://www.scmp.com/business/companies/article/1202184/shui-land-launch-rights-issue-profits-plunge