Wharf investor cashes in HK$296 million
An institutional investor in conglomerate Wharf (Holdings) has cashed in HK$296 million by selling his stake in yesterday's stock market rally.
The vendor offered 7.988 million Wharf shares at HK$37 each, representing a discount of 1.6 per cent to yesterday's midday closing price of HK$37.60, according to a sale document obtained by fund managers.
Shares of Wharf rose as much as 4 per cent in the morning session before dropping to close 0.41 per cent down at HK$36.55.
The placement was done in the first 30 minutes and was more than three times covered, sources familiar with the situation said.
UBS was the arranger.
'The deal was launched on a first come first serve basis, fund managers placed orders as soon as they received the offer in order to get better allocation,' said a source close to the offering.
The benchmark Hang Seng Index yesterday rebounded 3.18 per cent to close near the 24,000 level.