cnbm-and-hanjin-placements-raise-431-million

CNBM and Hanjin placements raise $431 million

Chinese National Building Material issues new shares, while Hanjin Shipping's second largest investor cashes out. Both deals find healthy demand at discounts of 8.5%-9.5%.

Two equity placements raised a combined $431 million on Thursday night. China National Building Material Company CNBM raised HK$2.34 billion $300 million by selling new shares into the market, while Australian investment fund Wallsend Holdings raised W181 billion $131 million by cashing out of its investment in Korea's Hanjin Shipping Company.

The CNBM trade consisted of 298.5 million H-shares, of which 272 million were new shares, the remaining 25 million were secondary shares sold by China's National Social Security Fund Council. The shares represented 33.1% of the company's H-shares and 13.5% of the total share capital.

The deal was launched with a price range of between HK$7.45 and HK$7.85, which was equal...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222