HKT $1.1b block hints at ECM revival

PCCW offloads HKT Trust stake in Hong Kong’s first billion-dollar block trade in 10 months. That points at a likely revival in Hong Kong's slumbering equities market.

Equity deals in Hong Kong could build up in the coming few weeks after Hong Kong holding group PCCW sold a whopping HK$8.53 billion $1.1 billion of stapled units in its telecommunications unit HKT Trust at the weekend.

PCCW  controlled by Richard Li, son of Hong Kong's richest man Li Ka-shing  revealed Monday that it had sold an 11.1% stake in HKT Trust at HK$10.15 per stapled unit, reducing its shareholding to 52% from 63% before the transaction.

The shares were pitched at a range of HK$10.15 to HK$10.30 during the bookbuild late Sunday, or a discount range of 7% to...

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