china-communications-services-block-raises-45-million

China Communications Services block raises $45 million

A quick deal by an undisclosed investor attracts high levels of demand and shows that, even in the current market, it is possible to price inside the maximum discount.

By Daniel Inman

July 30, 2008

Taking advantage of a 3.05% share price gain yesterday, an undisclosed institutional investor in China Communications Services CCS raised HK$356 million $45.6 million by offloading part of its holdings. The Morgan Stanley-led deal is the latest in a series of three relatively small placements over the past two weeks, as investors make use of bounces in the market to secure profits.

Last nightÆs deal was a case in point as the seller, although still committed to CCS, wanted to take its initial investment in the company off the table. According to a source, the original stake has grown substantially since it was bought. The seller will thus still hold a significant stake in...

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