Cosco Pacific block prices at 6% discount

An existing shareholder sells their entire stake for $95 million after the share price drops 18% in six days.

An undisclosed institutional shareholder has realised HK$741.6 million $95 million from the sale of shares in Hong Kong-listed Cosco Pacific, AsiaƆs third largest container terminal operator.

The sale, which was completed after the market closed yesterday, comes after the stock has dropped almost 18% since the company reported lower-than-expected 2007 earnings on April 7. However, some analysts argue that the current low valuation is a good buying opportunity, which may explain the investor interest in the placement. The outcome...

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