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HK broker and units lose in stake sale
By James Peng |
January 3, 2009, Saturday
|
Print Edition
Print Edition
SUN Hung Kai & Co, Hong Kong's largest local brokerage, said it and two subsidiaries jointly sold a 12.66-percent stake in APAC Resources Ltd for HK$371 million (US$48 million) to three different buyers.
The shares in the base metals and fabric trader were sold on December 24 to Winning Beauty, Kindstart and Shiny Gloss, which are investment holding companies, Sun Hung Kai said in a statement yesterday.
The sale will result in a loss of about HK$12.9 million, though it will allow the company to relocate its financial resources for other investment opportunities, the statement said, according to Bloomberg News.
The selling price, at HK$0.62 per share, represents a premium of 130 percent over APAC's average closing price of HK$0.27 for the last 15 trading days, the statement said.
The shares in the base metals and fabric trader were sold on December 24 to Winning Beauty, Kindstart and Shiny Gloss, which are investment holding companies, Sun Hung Kai said in a statement yesterday.
The sale will result in a loss of about HK$12.9 million, though it will allow the company to relocate its financial resources for other investment opportunities, the statement said, according to Bloomberg News.
The selling price, at HK$0.62 per share, represents a premium of 130 percent over APAC's average closing price of HK$0.27 for the last 15 trading days, the statement said.
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