Jul. 18, 2012 (China Knowledge) - China State Construction International Holdings Ltd<3311>, the construction flagship of China Overseas Holdings Limited, has announced to raise about HK$2.23 billion via independent third-parties, source reported.

The Hong Kong-listed company said that it will issue about 300 million shares with a price of HK$7.57 apiece, a discount of 9.88% to its closing price of HK$8.4 on Jul 17.

After the placement, China Overseas Holdings Limited holds 57.07% stakes in the company, lower than 61.85% previously.

Proceeds from the issuance will be used to replenish working capital and expand its affordable housing and infrastructure projects in mainland China, said the company.

CSCI has dedicated to become one of the leading construction companies that undertake affordable housing and infrastructure projects by BT and BOT models since 2009. Meanwhile, it is looking for high quality TOT-related infrastructure investment opportunity as well.