GEELY Automobile Holdings yesterday said it would sell HK$769.5 million (US$99.3 million) of new shares to its controlling shareholder.

The money will be used for working capital and to fund acquisitions. The Chinese car maker said it would sell 570 million new shares at HK$1.35 each to Proper Glory Holding Inc after the controlling shareholder completed sales of 800 million existing Geely shares at the same price to third-party investors.