RS Macalline plans to issue A shares & commercial papers

    Red Star Macalline (01528) said it proposes to issue no more than 315 million new A shares at not lower than Rmb1 per share.
  It is estimated that the funds raised from the proposed A share offering will not be more than about Rmb3,950 million, which are intended to be used as to Rmb1,450 million for construction of Tianjin Beichen Shopping Mall, Hohhot Yuquan Shopping Mall, Dongguan Wanjiang Shopping Mall, Harbin Songbei Shopping Mall and Urumchi Expo Mall; as to Rmb600 million for construction of unified logistic service system; as to Rmb300 million for expansion of home design and decoration services; as to Rmb500 million for O2O Home Decoration Platform; as to Rmb800 million for repayment of bank loans; and as to Rmb300 million for replenishment of working capital.
  Red Star Macalline also proposes to issue super short-term commercial papers with an aggregate principal amount not exceeding Rmb3 billion in the PRC. Each tranche of the super short-term commercial papers has a term of not more than 270 days. The proceeds will be used for repaying the loans of the company and its subsidiaries and replenishing the working capital of the company (with a view to improving the financing structure and reducing the costs of financing of the company).