Monday, August 19, 2013

Cedar Strategic

Cedar Strategic: to raise up to $14.7m in net proceeds from a renounceable non-underwritten 1-for-2 rights issue at issue price of $0.005 per share, a 37.5% discount to the closing price of $0.008. Separately, the co announced it has entered into a framework agreement with China Gezhouba Group, naming the latter as its main contractor for all its real estate and infrastructure construction projects in the PRC for a three-year period. The collaboration is in line with the group’s ambitions to establish itself as a regional real estate player, having announced plans that it had entered an agreement to acquire leading Guizhou property player Hua Cheng group in May ’13. Gezhouba is the listed entity of China Gezhouba Group Corp, a leading global construction player based in Hubei. It was ranked the 42nd largest contractor by revenue in the world in 2012.

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