cosco-pacific-block-prices-at-6-discount

Cosco Pacific block prices at 6% discount

An existing shareholder sells their entire stake for $95 million after the share price drops 18% in six days.
An undisclosed institutional shareholder has realised HK$741.6 million $95 million from the sale of shares in Hong Kong-listed Cosco Pacific, AsiaÆs third largest container terminal operator.

The sale, which was completed after the market closed yesterday, comes after the stock has dropped almost 18% since the company reported lower-than-expected 2007 earnings on April 7. However, some analysts argue that the current low valuation is a good buying opportunity, which may explain the investor interest in the placement. The outcome suggests that they still sought as big a discount as possible though.

According to a source, the deal came together quickly thanks to several large orders and Citi, which was the sole bookrunner, was able...
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