CKI raises $438 million from top-up placement

Cheung Kong Infrastructure Holdings CKI surprised the market with a top-up placement yesterday which, after being upsized by close to 10%, ended up raising about HK$3.41 billion $438 million.

The deal comes only a few days after the Hong Kong-based infrastructure specialist made a non-binding takeover bid for Northumbrian Water in the UK, offering 4.65 per share in cash, or a total of 2.4 billion $3.8 billion. The approach got an enthusiastic response in the market and CKI’s share price has gained 6.8% during the past four days to a new record high, even as the broader Hong Kong market tumbled 4.7% on Monday...