HONG KONG (Reuters) - Global Green Tech Group Ltd (0274.HK: Quote) said it planned to spin off its cosmetics and skincare products operating arm on the main board, raising up to HK$1.72 billion (US$220.5 million) to fund business expansion.

Global Green said in a statement late on Sunday that it expected a gain of up to HK$1.1 billion from the proposed spinoff, which would include the sale of 65 million existing shares and 325 million new shares, or 30 percent of the enlarged share capital.

Terms and size of the issue have yet to be determined, the company said.

The unit will use the net proceeds to fund construction of a new perfume production plant, to expand its retail network in China, develop new business lines, invest in new brand stores, repay a bridge loan and to provide working capital.

(US$1=HK$7.8)

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