Sands, AIA blocks

Block trades in AIA and Sands China raise $378 million

NWS becomes the first cornerstone investor to exit AIA through a $70 million trade after a 39.5% gain in the share price, while an institutional investor sells $308 million worth of shares in Sands China.
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Photo: AFP</div>
<div style="text-align:right; font-size: 7pt; color: rgb(119, 119, 119);"> Photo: AFP</div>

A 2.2% gain in the Hang Seng Index yesterday the biggest movement in an upward streak that has now lasted for six straight days triggered a couple of block trades in Hong Kong-listed companies last night. And investors responded well to both, even though the pricing was tight.

An undisclosed institutional shareholder offloaded HK$2.4 billion $308 million worth of shares in Macau casino operator Sands China, while NWS Financial Management Services became the first cornerstone investor to sell its stake in AIA Group. The deal raised HK$541.2 million $70 million and is likely to increase the speculation that some of the other six cornerstones might also decide to...

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