Citic Resources sells shares amid hopes for Kazakhstan deal

Two cornerstone investors help the $221 million deal get off the ground, while strong demand for the remaining portion sees the order book close after just two hours.

Citic Resources Holdings was in the market Friday, raising HK$1.72 billion $221 million from a placement of new shares. The deal, which came as the share price reached its highest level since March 2000, was launched just before noon and closed after just two hours when the book was already more than 20 times covered.

Joint bookrunners Citigroup and UBS had initially planned to keep the offer open until the early evening, according to investors, but faced with such...

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