Everbright Intl to sell $472m shares

China Everbright International Ltd said on Wednesday it would issue HK$3.66 billion ($472 million) worth of new shares to its controlling shareholder, raising capital to develop its environmental protection business.

The waste management and energy company will issue 430 million new shares to Guildford Limited at HK$8.52 each, a 4.38 percent discount to the previous close, the company said in a filing to the Hong Kong bourse, in line with an earlier report by IFR.

The amount represents 10.6 percent of the company's existing shares outstanding.

The controlling shareholder will subscribe to the new shares after selling the same amount of China Everbright International's shares at the same price, it said.

Trading in the shares, which were suspended on Tuesday afternoon, will resume on Wednesday.

China Everbright is an investment holding company with interests in environmental energy project construction and operation, including waste-to-energy power plants, waste water treatment and alternative energy.

Morgan Stanley and China Everbright Securities are handling the deal.