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Real estate industry

Kerry Group to Raise Up to $183 Million via Share Sale

Strategic Insights

— 1 min read

Kerry Group, the largest shareholder of Kerry Properties, is planning a significant share sale to raise up to $183 million. The company will sell 50 million shares at a price of up to 28.60 Hong Kong dollars ($3.67) each, marking a 3.1 percent discount from the previous trading price. This move comes as demand for apartments and offices in China continues to rise due to the country's economic growth, with Kerry Properties owning significant developments in Beijing, Shanghai, and other major cities.

Key Takeaways:

  • Kerry Group plans to raise up to $183 million through the sale of 50 million shares.
  • The share sale price is set at up to 28.60 Hong Kong dollars ($3.67) per share, representing a 3.1 percent discount from the previous trading price.
  • The sale is being arranged by Citigroup, and demand for apartments and offices in China is driving investor interest in Kerry Properties.
  • Robert Kuok's family controls Kerry, and the company has significant real estate holdings in mainland China.
  • Steven Leung, a director at UOB-Kay Hian, attributes investor interest in Kerry to its potential in China and thesearch for discounts from share placements.
  • Kerry Properties owns office and residential buildings in Beijing, Shanghai, and four other cities in mainland China.

Statistics:

  • Kerry Group plans to raise up to $183 million.
  • 50 million shares will be sold at a price of up to 28.60 Hong Kong dollars ($3.67) per share.
  • The share sale represents a 3.1 percent discount from the previous trading price.
  • Kerry Properties has significant real estate holdings in mainland China, including in Beijing, Shanghai, and four other cities.
  • The stock market has moved up, leading institutional investors to look for discounts from share placements in companies like Kerry.

Sources:

  • Byline: Kelvin Wong and Joshua Fellman
  • Hong Kong: Kerry Group to Raise Up to $183 Million via Share Sale
  • Citigroup: term sheet
  • UOB-Kay Hian: Steven Leung's comments
  • Hong Kong Stock Exchange: Kerry Properties' statement

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