Shin Corp's free-float is increased and Luk Fook raises $175 million

Grabbing what was widely regarded as the last market window before the Lunar New Year holidays next week, Cedar Holdings on Wednesday evening raised Bt8.08 billion $254 million from the sale of a 6.2% stake in Thai telecom holding company Shin Corp.

However, Luk Fook Holdings quickly proved that it was still possible to do deals yesterday evening when it became the first Asian company of size to sell new shares this year. The Hong Kong-listed jewellery retailer raised $175 million from an upsized offering that attracted strong interest.

Wednesday’s trade was the second divestment in five months by Cedar, which is majority-owned by Temasek Holdings, following...