shareholder-exits-citic-resources-through-placement

Shareholder exits Citic Resources through placement

The price is fixed at the lower end of the range for a 6% discount, but solid demand allows the deal to be increased by 48%.
A shareholder of Citic Resources Holdings last night sold all of their shares in the company through a block trade, raising HK$1.5 billion $193 million in the process.

The shareholder, who wasnÆt disclosed, initially offered 175 million shares, but after seeing that there was enough demand, decided to sell the remaining 85 million as well, bringing the total deal size to 260 million shares. UBS was the sole bookrunner.
A source close to the offering says the deal was about two times covered at the enlarged size. However, the price was fixed below the mid-point of the indicated range at HK$5.78 for a discount of 6% versus yesterdayÆs close of HK$6.15. This...
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