Two institutions sell shares in Li & Fung at 3% discount

The combined block raises $236 million as the share price continues its recent decline.

Two institutional investors sold shares in Hong Kong-listed sourcing company Li Fung through a placement last night, raising HK$1.8 billion $236 million between them.

Initially there was only one seller, who offered 61.9 million shares, or approximately 1.8% of the company, at a price between HK$23.30 and HK$24. The price range represented a discount of 2% to 4.9% to yesterdayÆs March 29 close of HK$24.50.

Citigroup acted as sole bookrunner for the transaction, which was launched...

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