Lee & Man stake sale targets HK$638m
The family controlling Lee & Man Paper Manufacturing is selling a 1.77 per cent stake in the firm to raise up to HK$638 million, market sources said.
Gold Best Holdings, which is owned by the paper firm's chairman Patrick Lee Wan-keung and his two sons, chief executive Raymond Lee Man-chun and executive director Lee Man-bun, was selling 20 million existing shares at HK$30.20 to HK$31.80 each, according to a sale document obtained by institutional investors.
The offering represents a discount of up to 8.48 per cent to the firm's closing price of HK$33, up 3.61 per cent for the day.
Deutsche Bank is the bookrunner for the offering.
The family, which will retain a 62.55 per cent stake in the company after the sale, has agreed not to offload any more shares in the firm for three months once the deal is complete.
