Moulin, Beijing Capital tap recent gains

PUBLISHED : Friday, 04 February, 2005, 12:00am
UPDATED : Friday, 04 February, 2005, 12:00am

Recent share-price rallies prompted share placements last night in Hong Kong-listed Moulin International Holdings and Beijing Capital International Airport.

French company Vinci Airports sold its entire stake of 130.63 million shares in Beijing Capital Airport at $3.15 each, a 3.17 per cent discount to yesterday's closing price of $3.25.

The stock hit a record high of $3.50 in the middle of December.

Vinci had been a shareholder in Beijing Capital Airport since its 2000 listing through a joint venture with Aeroports de Paris (ADP).

The two French firms said in November they would dissolve the partnership. Vinci has now sold its third of the joint 28.5 per cent stake, while ADP was negotiating to keep the remainder, said Steven Zwaan at ABN Amro Rothschild, arranger for the placement.

Mr Zwaan said the offer was three times covered, with 54 per cent allocated to Asia, 33 per cent to the US and 13 per cent to Europe.

Meanwhile, eyewear firm Moulin was offering 80 million new shares at $6.20 to $6.50 each, sources said. Yesterday's closing price was $6.75.

The offer, arranged by Cazenove and Citigroup, comes after Moulin shares jumped 19.46 per cent over the past six days to a seven-year high.