longterm-shareholder-divests-entire-stake-in-beijing-airport

Long-term shareholder divests entire stake in Beijing Airport

The sale comes as the company faces heavy capex to expand operations. The share price falls below the placement price on a poor day for China-related stocks.
Aeroports de Paris has sold its entire stake in Beijing Capital International Airports BCIA through a placement arranged by Morgan Stanley, raising HK$1.97 billion $253 million.

The sale comes at a time when other investors have been piling into the Hong Kong-listed stock on the back of the companyÆs acquisition of most of the assets involved in the ongoing phase three expansion at the airport, and seemed to trigger some disappointment in the market as the share price fell sharply.

BCIA shareholders approved the takeover of the assets from the companyÆs state-owned parent at a price of Rmb15.6 billion $2 billion on December 20 amid expectations that the upcoming Beijing Olympics will spark...
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