two-institutions-sell-shares-in-li--fung-at-3-discount

Two institutions sell shares in Li & Fung at 3% discount

The combined block raises $236 million as the share price continues its recent decline.
Two institutional investors sold shares in Hong Kong-listed sourcing company Li Fung through a placement last night, raising HK$1.8 billion $236 million between them.

Initially there was only one seller, who offered 61.9 million shares, or approximately 1.8% of the company, at a price between HK$23.30 and HK$24. The price range represented a discount of 2% to 4.9% to yesterdayÆs March 29 close of HK$24.50.

Citigroup acted as sole bookrunner for the transaction, which was launched after the Hong Kong market closed and was said to have generated good momentum among Asian investors. However, the bookrunner kept the deal open into the late evening Hong Kong time to give existing Li...
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