September 20, 2017 / 2:54 PM / 2 years ago

Fosun offers $608 mln of China Minsheng Bank shares - IFR

HONG KONG, Sept 20 (Reuters) - Chinese conglomerate Fosun International offered shares worth up to $608 million in China Minsheng Bank Corp Ltd late on Wednesday, IFR reported citing people close to the deal.

Fosun and its subsidiary Topper Link was offering about 643 million Hong Kong-traded shares in China Minsheng with an indicative range of HK$7.28 to HK$7.38 each, said IFR, a Thomson Reuters publication, putting the value of the deal at up to HK$4.75 billion ($608 million).

The price was equivalent to a discount of up to 5.5 percent on Wednesday’s closing price of HK$7.70 per share.

Fosun did not immediately respond to a Reuters request for comment on the stake sale.

Morgan Stanley and UBS were hired as joint bookrunners for the deal, IFR said. ($1 = 7.8014 Hong Kong dollars) (Reporting by Fiona Lau of IFR; writing by Elzio Barreto; editing by David Clarke)

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