October 14, 2010 / 6:45 AM / 10 years ago

China Rare Earth shrs suspended, sells $51 mln shrs -term sheet

HONG KONG, Oct 14 (Reuters) - China Rare Earth Holdings Ltd (0769.HK) is selling 100 million new shares to raise HK$395 million ($50.9 million), according to a term sheet.

The shares were priced at HK$3.95 each, representing a 10 percent discount to the stock’s last close of HK$4.39 on Wednesday, the sales document said.

The deal will have an over-allotment issue of 20 million shares and if exercised will lift the total amount raised to HK$474 million.

Trading in shares of China Rare Earth Holdings Ltd (0769.HK) was suspended on Thursday morning, pending details of the share sale, the company said in a filing to the Hong Kong bourse.

Kim Eng Securities (HK) Ltd is the sole placing agent of the deal. ($1=HK$7.758) (Reporting by Alison Lui and Jim Clare; Editing by Ken Wills)

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