The Dutch parent company of Hong Kong-listed ASM Pacific Technology last night sold a 12% stake in the Hong Kong subsidiary through a block trade, raising HK$4.27 $550 million.
The deal, which was well received and upsized in full, came after the parent company, Amsterdam- and Nasdaq-listed ASM International, appointed two financial advisers in May last year to look into how to reduce the valuation gap between the front-end part of its business, which is operated by ASM Pacific, and the back-end part, which is operated by an unlisted subsidiary.
Some of ASM International’s shareholders had been complaining that the market undervalued the unlisted business...
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