Texwinca completes placement

Majority shareholder sells a 5% stake.

CLSA completed a $49.9 million placement for Hong Kong textile manufacturer Texwinca yesterday Tuesday. The 66 million share deal was completed on a best efforts basis as the selling shareholder, Poon Bun Chak, was more concerned to see the stock placed with long term institutional investors than building a large order book.

The deal was consequently syndicated on a first come first served basis, with participation from 10 accounts. Pricing was fixed at HK$5.90, an 8.5% discount to the stock's HK$6.45 close.

At this level, it was placed out close to its six month trading average of HK$5.91.Year-to-date the stock is up 11.21%, hitting a high of...

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