China Everbright shares plunge

HONG KONG: China Everbright International Ltd plunged the most since 2008 after announcing plans to raise about HK$9.96 billion (RM5.17 billion) from a rights issue for its waste-to-energy projects, business expansion and the repayment of bank loans.

The company planned to issue 1.66 billion rights shares on the basis of 10 shares for every 27 existing shares, it said in a statement to the Hong Kong stock exchange yesterday.

The subscription price is HK$6 per rights share, a discount of about 31 per cent to its last closing price of HK$8.75 on Monday, according to the statement.