September 29, 2016 / 8:51 AM / a year ago

HK's Li Ka Shing Foundation says it owns 2.8 pct of Postal Savings Bank of China

HONG KONG, Sept 29 (Reuters) - Hong Kong's Li Ka Shing Foundation on Thursday said it owns 2.8 percent of Postal Savings Bank of China Co Ltd, a Chinese state-back lender that raised $7.4 billion through an initial public offering in Hong Kong this month.

The ownership arises from performance-linked notes issued by a financial institution, the foundation said in a statement without elaborating.

Hong Kong billionaire Li Ka-shing has "absolute" confidence in the bank and treats the ownership as a long-term investment, his group companies CK Hutchison Holdings Ltd and Cheung Kong Property Holdings Ltd said in a separate statement.

The stake is worth HK$10.78 billion ($1.39 billion), according to a Reuters calculation based on Thursday's closing price of the bank's stock.

$1 = 7.7540 Hong Kong dollars Reporting by Denny Thomas and Donny Kwok

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below