August 21, 2017 / 12:49 AM / a year ago

CORRECTED-China Unicom Shanghai unit says to raise $11.7 bln

(Corrects to remove reference in headline and first paragraph to figure being less than previously announced, adds additional funds to be raised in 2nd and 3rd paragraphs)

HONG KONG, Aug 21 (Reuters) - China United Network Communications Ltd, the Shanghai-listed unit of telecoms group China Unicom, said it plans to raise 61.73 billion yuan ($9.25 billion) in a private placement.

In addition, the company will transfer 12.98 billion yuan of shares to a fund and issue 3.21 billion yuan worth of shares to core employees.

The company made the announcement in a statement to the Shanghai stock exchange late on Sunday. The total funds raised would be 77.9 billion yuan ($11.7 billion).

On Monday, China Unicom Hong Kong Ltd, the Hong Kong unit of the group, said trade in its shares would resume.

The state-owned group had announced on Wednesday it was raising the funds via its Shanghai-listed unit from more than a dozen investors, including tech giants Alibaba Group, Tencent Holdings, and Baidu. ($1 = 6.6700 Chinese yuan) (Reporting by Donny Kwok; Editing by Anne Marie Roantree and Edwina Gibbs)

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