Citigroup unit sells Shui On Land stake
Citigroup Venture Capital International, a private equity investment unit of the US banking giant, has offloaded its entire 1.5 per cent stake in mainland developer Shui On Land through a share placement after the market closed yesterday, according to a source close to the deal..
The firm reaped HK$375 million by selling 61 million Shui On shares at HK$6.12 each, he said, a 3.6 per cent discount to yesterday's HK$6.35 close.
The final price was fixed near the top end of the indicative range of HK$6.06 to HK$6.13, he said. The offer, arranged by Credit Suisse, was five times covered, according to market sources.