Second equity deal of the year for HKT Trust

An undisclosed shareholder has raised $180 million from an accelerated placement in the Hong Kong telecoms company.

Taking advantage of strong share price momentum, an undisclosed shareholder offloaded a 2% stake in Hong Kong-based telecoms group HKT Trust and HKT Ltd after Wednesday's close.

The deal by the subsidiary of PCCW raised HK$1.4 billion US$180 million after being upsized from 120 million share stapled units to 150 million on the back of strong demand.

Lead manager Morgan Stanley pitched the deal at a price range of HK$9 to HK$9.20 per unit, representing a 7.6% to 5.5% discount to the stock's HK$9.74 close. Final pricing at HK$9.05 equated to a 7.1% discount.

This is relatively wide...

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