Chinese conglomerate Fosun International Ltd said on Tuesday it has agreed to sell all of its 4.89% stake in Tsingtao Brewery Co Ltd through a share placement, raising HK$4.14 billion ($527.47 million) for general working capital.
Fosun’s subsidiaries Fosun Industrial, Fidelidade Companhia de Seguros S.A., and a unit of China Momentum Fund L.P., which is a fund managed by the group as a general partner, are selling a total of 66.78 million H shares of Tsingtao at HK$62 apiece, a 4.7% discount to Monday’s close of HK$65.05.
