Greater Bay Area Development (0737) (80737) said it has allotted and issued 250 million new shares to Shandong Hi-Speed (600350) via its direct wholly owned subsidiary Shandong Hi-Speed (Hong Kong), according to Ming Pao.
The placement price was HK$1.8335 per share, a discount of about 5% to the last trading day’s closing price of HK$1.93. Net proceeds were about HK$456 million, with around 60% earmarked as equity capital for the expansion and reconstruction of the Guangzhou-to-Shenzhen section of the Beijing-Hong Kong-Macao Expressway, and the remaining 40% for potential land development and utilization along the section, other business expansion, and general working capital.
The company said Shandong Hi-Speed has extensive experience in transport infrastructure investment and operations and sees strategic synergies. After also acquiring 40 million shares from other public shareholders, Shandong Hi-Speed (Hong Kong) will hold a total of 290 million shares, or about 8.70% of the enlarged issued share capital, becoming the third-largest public shareholder.
STOCKS | Greater Bay Area Development Places 250 Million New Shares to Shandong Hi-Speed HK
2026-07-09 09:52:30
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