Groups increase stake in Kerry

Independent third parties have upped their stake in Kerry Properties, the property arm of the Kuok Group due to make its exchange debut today , from 9.2 per cent to 12.3 per cent.

The increase follows the issue to two independent third-party shareholders of 19.4 million shares or 1.9 per cent of the enlarged capital under the placing.

Another third-party shareholder and an associate have also subscribed for 11.9 million shares under the placing, representing 1.2 per cent of capital. The purchases represent a total of 20.9 per cent of the shares being offered by Kerry in its placing and public offering.

After the float, the Kuok Group will retain about 75.8 per cent of its property arm while the public, including the independent third parties, will hold 24.2 per cent.

Kerry's offer closed just over a week ago having been 1.03 times subscribed.

Lacklustre market conditions had prompted the company to reduce its price to $17.50.