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China Int'l Travel Service to raise RMB 2.65 bln via placement

Nov. 15, 2012 (China Knowledge) - China International Travel Service Corp Ltd<601888>, the largest travel agency in China, has announced it plans to raise no more than RMB 2.65 billion through a private placement.

According to a statement filed with Shanghai Stock Exchange, the company said it will issue up to 98.5 million A- shares with a price of RMB 26.93 per share.

Proceeds from the issue will be used to invest a shopping center project in Haitang Bay, Hainan Province.

In the first nine months of this year, China International Travel Service realized RMB 779 million in net profit attributable to shareholders, 39.86% more than in the corresponding period of last year.

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