Evergrande Real Estate Group, the real estate developer controlled by Chinese billionaire Hui Ka Yan, has agreed to sell one billion new shares in the Guangzhou-based company at a price of HK$4.35 each, according to a statement by the company yesterday after the close of trading at the Hong Kong Stock Exchange. That?s a discount of 6.5% from yesterday?s close. ?
The new shares represent a 6.2% stake in the expanded share capital of the company. ?Evergrande says it?s selling the stock to expand its capital and shareholder base.
In the first part of the two-step transaction, Hui will sell 1 billion existing shares to independent shareholders; he then will buy 1 billion new shares, leaving the number of shares held by him and wife unchanged. Because of the increase in the total number of shares, Hui and his wife?s stake in Evergrande will fall to 63.5% from 67.7%.
Hui ranked No. 8 on the 2012 Forbes China Rich List with wealth of $4.9 billion. ?Click here for a link to the 2012 Forbes China Rich List 400.
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