placements

Li & Fung raises $504 million from top-up placement

The Hong Kong sourcing company pulls off Asia's second largest follow-on this year. Meanwhile, an existing shareholder sells $58 million of shares in Indonesia's Media Nusantara Citra through a clean-up trade.
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Bullseye, the mascot for the Target retail chain (AFP) </div>
<div style="text-align: left;"> Bullseye, the mascot for the Target retail chain (AFP) </div>

As more companies are releasing their 2011 earnings, the list of companies lining up to take advantage of the strong start to the year in the secondary markets is growing. The latest in the row is Hong Kong-listed sourcing company Li Fung, which last night raised HK$3.91 billion $504 million from a top-up placement.

The deal is the second-largest follow-on capital-raising in Asia this year, outside China’s domestic A-share market. The largest is Minsheng Banking Corp’s $1.44 billion H-share placement that was completed just 24 hours earlier.

Li Fong hasn’t tapped the equity market since May 2009, but it is easy to see why it...

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