Ignoring the challenging market environment, investment holding company GDH Limited last night raised $250 million from the sale of bonds that are exchangeable into its Hong Kong-listed subsidiary, Guangdong Investment.
The deal came as Guangdong Investment’s share price has risen 8.9% during the past couple of weeks, bringing it close the 2011 high of HK$4.31 that it reached in January. The company clearly saw this as an opportunity to raise some cash, but the fact that it chose to do a deal at a time when widespread concerns about growth is putting pressure on equity markets around the world European markets were down a couple of points during the...
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