hongkong-land-shareholder-sells-entire-stake-at-7-discount

Hongkong Land shareholder sells entire stake at 7% discount

About 100 investors buy into the chunky placement, which ranks as the second largest for a Singapore-listed company this year.
Taking advantage of the sharp recovery in the share price since the dip during SARS, an institutional shareholder last night October 10 sold $510.8 million worth of shares in Hongkong Land.

The JPMorgan sale accounted for about 6% of the company and around 70 daysÆ trading volume, which meant a block trade was pretty much the only way to sell these shares in one go.

It also marked the largest placement in a Singapore-listed company this year after Temasek's divestment of $1.27 billion worth of stock in Singapore Telecommunications through Goldman Sachs in March.

The undisclosed shareholder will hold no more shares in the company after the sale. Hongkong Land is a Singapore-listed,...
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