HONG KONG (Reuters) – Chinese conglomerate Fosun International Ltd said on Tuesday it has agreed to sell all its 4.89% stake in Tsingtao Brewery Co Ltd through share placement, raising HK$4.14 billion ($527.47 million) for general working capital.
Fosun’s subsidiaries Fosun Industrial, Fidelidade Companhia de Seguros S.A., and a unit of China Momentum Fund L.P., which is a fund managed by the group as a general partner, are selling a total of 66.78 million H shares of Tsingtao at HK$62 apiece, a 4.7% discount to Monday’s close of HK$65.05.
The deal includes sale of 47.59 million H shares, or 3.49% of Tsingtao, held by Fosun Industrial.
Fosun and China Momentum Fund will no longer hold any H shares in Tsingtao on completion of the deal, and the disposal is a normal withdrawal of investment arrangements, the Chinese conglomerate said in a filing to the Hong Kong bourse.
UBS is the placing agent.
($1 = 7.8488 Hong Kong dollars)
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