Sino-Ocean shareholder sells $684 million stake

HONG KONG (BestGrowthStock) – COSCO International Holdings Ltd (0517.HK: ) is disposing of its entire stake in Sino-Ocean Land Holdings Ltd (3377.HK: ) for $683.8 million, a 10.2 percent premium to Thursday’s closing price, according to a term sheet.

COSCO International, the second-biggest shareholder of Sino-Ocean Land, was selling its 16.85 percent stake or 949.9 million shares in the Beijing-based property firm for HK$5.60 each, compared with Thursday’s closing price of HK$5.08.

The accelerated bookbuild was arranged by BOCI.

In August, COSCO International announced its intention to dispose of its stake in Sino-Ocean for not less than HK$5.40 per share, as part of efforts to divest non-core assets.

(Reporting by Daisy Ku; Editing by Chris Lewis)

Sino-Ocean shareholder sells $684 million stake