The largest power producer in the US sold down its entire stake in Shandong International Power Development SIPD yesterday Tuesday as part of a strategy to dispose of non-core assets across Asia.
BNP Paribas Peregrine was sole placement agent for the 9.99% stake, which Mirant purchased at the time of SIPD's flotation in June 1999 at HK$1.73 per share. The 525.083 million shares were priced at a 10% discount to a HK$2.025 close, raising HK$1.063 billion $136 million.
The steep discount was necessitated by the large size of the stake, which represented over 50 days trading volume and increased the 27.22% freefloat by a further 36%. The IPP's main...
