China's BAIC Motor to raise $422m via share sale for working capital

FILE PHOTO: An assembly line producing electric vehicles (EV) is seen at a factory of Beijing Electric Vehicle, funded by Beijing Automotive Group (BAIC), in Beijing, China, January 18, 2016. REUTERS/Kim Kyung-Hoon/File Photo

BAIC Motor Corporation Ltd said on Wednesday it planned to sell new shares for HK$3.3 billion ($422 million) to replenish funds for working capital.

The automaker said it would sell 420 million shares or 5.2 percent of its enlargedshare capital to third party investors. They will be sold at HK$7.89 apiece, or an 8 percent discount to the previous close.

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