wide-discounts-on-sinoocean-and-gome-blocks

Wide discounts on Sino-Ocean and Gome blocks

Gome's chairman raises $275 million from a placement of shares, while a Morgan Stanley fund sells $152 million worth of stock in Sino-Ocean Land.
Shareholders of two more Hong Kong-listed companies took the opportunity to raise a combined $427 million worth of cash on Friday through sell-downs in property developer Sino-Ocean Land Holdings and home electronics chain Gome Electrical Appliances. Being a Friday, investors were less willing to push up the price, however, and both blocks were priced at the maximum discount offered.

Still, the Sino-Ocean deal was increased by one-third from 150 million shares to 200 million. This allowed the seller û a Morgan Stanley real estate fund called SSF Livingstone that held about 7% before this deal û to raise HK$1.18 billion $152 million. The shares, which accounted for 4.5% of the share capital and...
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