Fushan International Energy Group and its Vice Chairman Wong Lik-ping are planning a US$316.13 million share placement in order to take advantage of a stock market rally, the South China Morning Post reported. The producer of coking coal will sell 370 million new and 180 million old shares at between HK$4.29 (US$0.55) and HK$4.45 (US$0.57) per share. Wong could make as much as US$103.35 million by selling a 3.6% stake. He has promised not to reduce his stake any further for up to two months after the sale. Money raised from the sale would go to fund acquisitions in China and overseas. Analysts say more companies will be looking to raise capital through equity markets given the strong performance of stock markets in the region.
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