AJ Corp to raise 2.6b yuan through private placement

Shanghai-based financial investment firm AJ Corp said yesterday that it intends to raise 2.6 billion yuan ($380 million) through a private placement to acquire two property companies under the Shanghai International Group.

SIG is considered to be the investment arm of Shanghai municipal government and has interests in industries like property development and securities trading.

AJ said it would issue 214 million shares to SIG to buy entire stakes in the two property companies. The additional shares will be priced at 12.21 yuan per share.