The controlling shareholder of Yue Yuen Industrial (Holdings), a contract footwear manufacturer, yesterday took advantage of a recent rally in the company's share price by selling HK$757.5 million ($98 million) worth of shares.
The Tsai family, which controlled 49.98% of Yue Yuen before this transaction, offered 30 million secondary shares, or 1.8% of the company, at a price between HK$25 and HK$25.75 apiece through its investment vehicle, Quicksilver Profits. The price range represented a discount of 4.6% to 7.4% to Tuesday's closing price of HK$27.
After a full day of bookbuilding, the price was, according to a source, fixed at HK$25.25 for a discount of 6.5%. There was no information last night about the size or nature of the demand.
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