Cheung Wah Suspended From Hong Kong Trading Pending Share Sale
2/17/00 6:23:00 PM
Source: Bloomberg News
Hong Kong, Feb. 18 (Bloomberg) -- Cheung Wah Development Co., soon to be renamed Softbank Investment International (Strategic) Ltd., suspended trade in Hong Kong pending an announcement of a share sale by its former controlling shareholders, Ricky Yu and Lincoln Yu.
The Yu family will sell 100 million existing shares in the company to institutional investors in Hong Kong the U.S. and Europe, raising about HK$1.35 billion ($173 million), the South China Morning Post reported, citing unidentified people.
The shares will probably be sold at the high end of a range between HK$13.15 and HK$13.55, with the stock designated for Hong Kong investors already fully subscribed, the newspaper said. Cheung Wah fell 6.3 percent to HK$14.25 yesterday.
Softbank Corp., Asia's largest Internet company, took over Cheung Wah to use as a holding company for its investments in Asia outside Japan, especially mainland China investments.