China Everbright Ltd. sold 1.96 billion yuan shares of unit Everbright Securities Co. Ltd. through the Shanghai stock exchange's block trading system.
China Everbright disposed of 157 million shares of Everbright Securities between Sept. 11, 2017 and May 24. The aggregate consideration for the disposals is 1.96 billion yuan, or 12.47 yuan per share.
The shares represent about 4.02% of Everbright Securities' existing issued A shares and about 3.41% of the company's entire issued shares, according to a May 24 release.
The company plans to use the proceeds raised in the sale for general working capital. The company expects to recognize a gain before tax of about HK$89 million for the year ending Dec. 31 from the disposals.
As of May 24, US$1 was equivalent to 6.38 Chinese yuan.
