A block of Kingboard Laminates shares changed hands on Tuesday, marking the latest in a string of sell-downs in Hong Kong-listed companies. However, this wasn’t a case of an external shareholder trimming its stake, but rather a reallocation of capital within the Kingboard group. The seller was a wholly owned subsidiary of Kingboard Chemical Holdings, which is the parent and controlling shareholder of Kingboard Laminates.
The upsized deal raised a combined HK$1.71 billion $220 million and saw Kingboard Chemicals’ stake drop to about 66% from 73.5%.
The increase in the freefloat from below 27% to 34% helped attract demand for the share sale both from existing shareholders, who welcomed the greater liquidity, and...
¬ Haymarket Media Limited. All rights reserved.
