SUNLAND has raised $90 million to expand its operations in the United Arab Emirates.
The group issued 25.71 million shares at an issue price of $3.50.
The company it also seek to raise a further $10 million through a participation of existing shareholders in a Share Purchase Plan.
Sunland’s managing director Sahba Abedian said the group is in a strong position to evaluate several opportunities at present in the UAE.
“The raising attracted over 30% investment from overseas institutions which highlights the support for the group’s buy liquid alprazolam overseas growth strategy. Furthermore it attracted in excess of 25 domestic institutions who participated with new additions to the register,” he added.
Last month, Sunland upgraded its full year profit outlook to $85 million, previously $80 million and forecast a full year dividend of 13.5 cents per share.
Sunland reported a net profit of $33.7 million for the six months ended December 31, 2006 and declared a fully franked dividend of 6.75 cents a share.
Australian Property Journal
