Allan Zeman raised HK$886 million ($115 million) after Tuesday's close (September 27) from the sale of a 1.7% stake in consumer goods trading company, Li & Fung. The 51.4 million share deal represented Zeman's entire stake in the company, which he has held since Li & Fung purchased his consumer goods sourcing company Colby group in 2000.
The Goldman Sachs led deal was priced at HK$17.25 per share, a 3.36% discount to the stock's HK$17.85 close. This was slightly off the group's all-time high of HK$18.05 on Monday.
Year-to-date, the company has outperformed the Hong Kong market, rising 36% to Tuesday's close. It is also trading on a high multiple of 9.2 times 2005 book, equating to about 27 times earnings.
The order book is said to have closed roughly two times oversubscribed, with participation by about 35 accounts. About 60% were from the US, 35% from Asia and the balance Europe.
The transaction represents 10 days trading.
