BAIC Motor (01958) to raise HK$3.3bn from H shares placing

    BAIC Motor (01958) said it agreed to place 420 million new H shares at HK$7.89 per share, representing a discount of about 8% to the closing price of HK$8.58.
  The placing shares represent around 16.66% and 5.24% of the enlarged issued H shares and the total enlarged issued share capital of BAIC Motor.
  The maximum amount of net proceeds of about HK$3,265.91 million is intended to be used for replenishment of working capital and general corporate purpose of BAIC Motor.