Techtronic Industries completes placement

One of Hong Kong''s emerging blue chip industrial plays completes a secondary placement.

Nomura Securities placed out 36.2 million shares in power tool manufacturer Techtronic Industries yesterday Thursday. The deal raised HK$602.8 million $77 million for the selling shareholder whose name remained undisclosed.

Pricing came at HK$16.625, representing a 5% discount to the stock's HK$17.5 close. Books were open for just one hour as the deal was sold on a first come, first served basis. A total of 25 accounts were filled.

The transaction equates to 5.5% of the company's outstanding share capital, about 8% of its freefloat and 16 days trading. The selling shareholder is said to have completed divested its entire holding.

Techtronic Industries is a...

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