Sichuan Expressway (HKG:0107, SHA:601107) is looking to raise up to 3.18 billion yuan from the sale of 432.5 million A-shares to up to 35 investors through a private placement, according to a Friday filing with the Shanghai Stock Exchange.
The expressway operator will use the proceeds to fund the expansion project of the G5 Beijing-Kunming Expressway for up to 2.30 billion yuan and repay debt up to 880 million yuan.
Sichuan Expressway's shares fell 3% in Hong Kong and 2% in Shanghai during the midday break on Friday.
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