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Bulletin: Shanghai Real Estate Ltd. Rating Unaffected By Proposed Share Placement And New Shares Dec 06
Standard & Poors, Dec 2006
Abstract
HONG KONG (Standard & Poor's) Dec. 6, 2006--Standard & Poor's Ratings Services said today that its rating on Shanghai Real Estate Ltd. (SRE; BB-/Stable/--) would not be affected by the company's announcement that it will issue 212 million new shares and that its major shareholder, Good Times Resources Ltd. (GTRL), will make a share placement of 342 million existing shares and subscribe to the new shares. The new shares could raise an estimated Hong Kong dollar 500 million, and the net proceeds are earmarked to replenish SRE's land bank and for use as general working capital. GTRL's interest in the company will decline to 31.7% from 42.05% after the completion of the share placement and subscription of new shares. The...
Companies mentioned in this report are: SRE Group Ltd.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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