Allan Zeman cashes out of Li & Fung

Hong Kong restaurateur cashes out of Li & Fung.

Allan Zeman raised HK$886 million $115 million after Tuesday's close September 27 from the sale of a 1.7% stake in consumer goods trading company, Li Fung. The 51.4 million share deal represented Zeman's entire stake in the company, which he has held since Li Fung purchased his consumer goods sourcing company Colby group in 2000.

The Goldman Sachs led deal was priced at HK$17.25 per share, a 3.36% discount to the stock's HK$17.85 close. This was slightly off the group's all-time high of HK$18.05 on Monday.

Year-to-date, the company has outperformed the Hong Kong market, rising 36% to Tuesday's close. It is also...

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