kingboard-chemical-prices-block-at-the-bottom

Kingboard Chemical prices block at the bottom

The $75 million deal features the widest discount on an Asian placement in more than two months.
Asia logged its third block trade this week when an unidentified institutional shareholder sold a 2.6% stake in Hong Kong-based Kingboard Chemical last night. Like the other two transactions, which both took place on Tuesday, this was a small deal at only HK$586.6 million $75 million.

It was also priced at the bottom of the offering range, indicating that investors remain price sensitive even though the stock is trading only marginally above the 52-week low it hit last week. The placement price was set 3.4% below that low.

The 21.5 million shares were offered in a range between HK$27.25 and HK$28.25, representing a discount of 5.5% to 8.9% versus yesterdayÆs closing...
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