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 HK$6...
