A group of management shareholders in shoe manufacturer and retailer Belle International Holdings yesterday raised HK$2.33 billion $301 million from a block trade that was well received by investors.
Launched shortly after 5pm, Hong Kong time, the deal was covered within 30 minutes and attracted close to 70 investors, which is notable given that we are only days away from year end and many institutional investors were supposed to have closed their books on 2009 already. After a strong rebound in afternoon trading, Belle also closed just off a 52-week high of HK$10.04 that it reached on Tuesday.
However, the shares were offered at a sizeable discount to compensate for the year-end reduction...
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