Amore applies institutional foundation

Korean cosmetics company broadens investor base through block trade.

An undisclosed institutional investor completely divested its stake in Korea's leading cosmetics company yesterday November 17, raising $163 million from the sale of a 6.3% stake in AmorePacific Corp. Under the lead of Credit Suisse First Boston, a 561,969 share deal was marketed on a price range of Won294,500 to Won303,800 before being priced at Won300,000, which represented a 3.23% discount to the stock's Won310,00 close.

The order book is said to have closed around the $300 million level, with participation by about 50 accounts, of which roughly half were new to the stock. By geography, about 10% of the deal went into Korea, with the remaining 90% split...

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