Sino-Ocean placement completed at 10.2% premium

Cosco International sells its entire stake in the company, raising $684 million. Investors referred to as "strategic in nature" buy most of the deal.

Cosco International Holdings, a Chinese provider of shipping services, yesterday sold its entire stake in property developer Sino-Ocean Land Holding through a placement, raising HK$5.32 billion $684 million. The placement was sizeable for this time of year, but it also stood out as it was completed at a premium of more than 10% versus yesterday’s close a notable achievement at a time when investors have become increasingly price sensitive and reluctant to add more risk than necessary.

However,...

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