BNP Paribas Peregrine and CLSA completed a HK$187 million $24 million placement of shares of Convenience Retail Asia CRA, late Wednesday. The deal sees Li Fung - the Hong Kong trading group - sell almost 14% of the existing share capital of Convenience Retail Asia, taking its stake down from 70% to 56% and increasing the public float from 26% to 40%.
The deal comes just over two years after CRA was listed on Hong Kong's second board, the Growth Enterprise Market GEM. Li Fung management have been saying for some time that they wanted to sell down their stake but due to the listing requirements of the GEM,...
