Shanghai Industrial sells remaining non-core assets

Hong Kong-listed red-chip conglomerate Shanghai Industrial Holdings SIH has sold its remaining non-core investments a 30.17% stake in Bright Dairy and an 8.2% holding in Semiconductor Manufacturing International Corporation SMIC, raising a total of $368 million.

SIH is selling the stake in Bright Dairy -- one of China's largest dairies -- to Bright Food Group, the milk-producer's largest shareholder, for Rmb1.55 billion $226 million. The price corresponds to Rmb4.93 per share, or a 37% discount to the last closing price before the announcement late on Monday. The low price is justified by a lock-up period of the 30% stake, 5% cannot be traded on the Shanghai Exchange until October and the...