Lai's shares placed

GIORDANO International founder Jimmy Lai has disposed of 110 million shares in the company through a placement to independent institutional and professional investors.

Crosby Capital Markets sold the shares, which represent about 17.3 per cent of Giordano's share capital, for $6.25 each.

Mr Lai will subscribe for 70 million new shares at $6.18 per share, allowing Giordano to raise about $433 million. That represents about 11 per cent of the existing share capital, or 9.9 per cent of the enlarged share capital. The whole exercise will reduce Mr Lai's stake in Giordano from 36.4 per cent to 27.1 per cent.