CLP raises $982 million from sale of new shares

The deal is priced at a relatively tight discount of 5.9%, but attracts strong demand from retail investors and other yield-focused accounts.
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CLP's Castle Peak power station in Hong Kong
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<div style="text-align: left;"> CLP's Castle Peak power station in Hong Kong </div>

Hong Kong-listed CLP Holdings last night raised HK$7.61 billion $982 million from a placement of new shares that could well be the final large overnight trade in Asia this year. It is also the second largest primary share placement by a Hong Kong-based company this year after Hong Kong Exchanges and Clearing’s $1 billion deal last week.

As the largest producer and distributor of electricity in Hong Kong the company is viewed as a “safe” investment and its shares are bought primarily for the stable dividends and relatively high yield. It was not a big surprise therefore that the deal attracted a lot of interest from yield-focused accounts such...

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