China Coal has said it will issue 1.525 billion A-shares in Shanghai in order to raise funds for the development of coal-related projects, Reuters reported. Based on the company's Hong Kong share price on Friday, the offering could be worth up to US$2.85 billion. The new shares will represent 11.51% of enlarged share capital, pending shareholder and regulatory approval. Meanwhile, the Wall Street Journal reported that Geely Automobile Holdings plans to issue US$205.9 million in new shares. The funds will be used to purchase its parent group's stakes in four companies that make and sell automobiles. The move will also see the parent group's stake in Hong Kong-listed Geely rise from 48.86% to 59.15%.
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