cr-gas-shares-change-hands-at-215-discount

CR Gas shares change hands at 21.5% discount

Credit Suisse and Morgan Stanley sell their remaining shares in the Chinese gas company in a $98.5 million deal, while US-listed Yingli markets a $200 million placement due to price after the US close.

For the second time in just two months, a block of shares in Hong Kong-listed China Resources Gas Group was in the market last night as Credit Suisse and Morgan Stanley sold the rest of their combined stake in the Chinese gas distributor, raising HK$763.6 million $98.5 million. The discount was even wider this time -- above 20% -- which reflects a sharp rise in the share price since the previous sale and also suggests that the sellers were keen to get rid of the stock.

The two investment banks acquired the CR Gas shares at a price of HK$3.42 per share in August last year...

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