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Commodities trader halves its stake for £132m after shares soar
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The first major block deal out of Asia ex-Japan this year failed to get off the ground after South Korea’s Hyundai Glovis pulled a $1.25bn share sale due to insufficient demand from investors, despite the trade offering a hefty discount. -
With less than three months until India’s financial year comes to an end, the government is slowly trying to make some headway with its divestment plan. Pre-marketing kicked off on Monday, January 12, for the sale of the government’s stake in Power Finance Corp, which is expected to net the country some Rp18.71bn ($301m) based on the market capitalisation.
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GIC, or the Government of Singapore Investment Corp, made its exit from Indonesia’s Pakuwon Jati on Monday night, selling its entire stake for Rp1.128tn ($89.2m). Launched to the market with little visibility on demand, the deal priced at the bottom of guidance as a strong rally in the company’s share price over the past year meant investors were not willing to pay up for the stock.
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Philippines’ Ayala Land raised Ps16bn ($356.2m) through a top-up placement of shares on the evening of Friday, January 9, in what is the first sizeable block trade executed in the new year. Driven by reverse enquiry from investors, the deal saw strong demand from the market soon after books opened with shares holding up reasonably well in secondary trading.
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Santander raised €7.5bn of equity capital in a block trade on Thursday January 8, the biggest ever outside the US, to put its core equity tier one ratio up to 10%. The deal was priced at the low end of the discount range and led to a very steep fall in Santander's share price the day after – yet won some admiration from rival banks.
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Banco Santander leapt into an equity market this week that was otherwise empty of deals with a €7.5bn accelerated bookbuild, which bankers expected to be a huge success and an inspiration to other issuers.
