Fortune sells share of Thai firm for $317m

HONG Kong Fortune has sold three million shares in Thai-listed Univest Land Public Co in a deal worth about $317.5 million.

The first million shares were sold at 640 baht (about HK$198) each on a with-rights basis, while a further two million were sold on an ex-rights basis for 200 baht each.

The company will realise a profit over book value of $246.1 million before tax and expenses, according to secretary Chan Pak-kee.

Before the sale, Fortune owned nine million Univest shares representing about 20 per cent of the company.

Fortune will still be able to subscribe to 24 million shares in the three-for-one rights issue announced by Univest on December 30, according to Mr Chan.

Following the disposal of the three million shares and the rights subscription, the company will own 30 million Univest shares, a 16.67 per cent stake.

The profit on the share transaction will be carried as an extraordinary item in the profit and loss account for this calendar year.