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China State Construction International Holdings Ltd. said it planned to issue at least HK$999.67 million (US$128.2 million) worth of new shares to shareholders, raising fund for acquisition of assets and for working capital.

The construction firm said in a statement it would issue at least 99.97 million new shares at HK$10 per share to existing shareholders on the basis of one new share for every five existing shares held.

Of the net proceed of about HK$989 million, HK$520 million will be used for acquisition of assets from its controlling shareholder and the remainder will be used as working capital, the company said.