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Changhong to raise funds

(China Daily)
Updated: 2007-04-25 08:54

Sichuan Changhong Electrical Co, China's second-biggest television maker, said it plans to raise about 2.5 billion yuan selling new shares to fund its purchase of Dutch company Sterope Investments BV.

Changhong plans to sell 400 million yuan-denominated shares for at least 6.27 yuan each to 10 institutional investors, the company said in a statement to the Shanghai Stock Exchange yesterday. It will use the money to buy a 75-percent stake in Sterope Investments, which controls South Korean plasma display-panel manufacturer Orion PDP Co.

Changhong is raising capital to pay for the 75-percent Sterope stake bought last year by Sichuan Century Shuanghong Display Devices Co, a venture formed by Changhong's parent with China's largest maker of cathode-ray tubes used in color televisions.