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Luk Fook to raise US$125 mln via rights issue

Jan. 20, 2012 (China Knowledge) - Luk Fook Holdings (International) Ltd<0590>, a Hong Kong-based jewelry retailer, has announced plans to raise US$125 million or around HK$975 million via rights issue to fund inventory purchases and expansion.

In a statement filed with the Hong Kong Stock Exchange, the company will issue new shares at a price range between HK$29.15 and HK$30.40, a discount of 6% to 9.9% to its closing price of HK$32.35 on Thursday.

U.S.-based investment bank Goldman Sachs Group Inc has been assigned as the bookrunner.

In December 2011, the jewelry retailer completed its first rights issue after entering the capital market 13 years ago. The firm raised HK$1.13 billion in the rights issue to open stores in China and Singapore, as well as fund inventory purchases.

Luk Fook, which opened a store in Causeway Bay, Hong Kong last month, currently owns more than 800 outlets worldwide, including 32 units in Hong Kong.

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