Shenzhen Heungkong Holding (600162.SH) said on late Friday that it will buy real estate assets related to home furnishing and commerce and trade businesses held by its controlling shareholder Heungkong Group for 2.36 billion yuan.
The Shanghai-listed company will issue about 274 million shares at a price of 6.05 yuan/share via private placement and pay no more than 700 million yuan in cash to buy the assets.
The transaction will help it increase its strength and debt-paying ability and accelerate its transformation to the commerce and trade logistics real estate business. After the transaction, construction area of its own properties will increase by 256,200 square meters, said the company.
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