United States mutual fund Waddell & Reed has sold its remaining stake in Sands China (01928.HK) in a deal potentially worth US$1.3 billion.
It offered 192.6 million shares at HK$55.27 to HK$55.90 each, according to Reuters which said it has seen the sale documents.
The counter fell the most in almost three weeks after the news, losing 2.6 percent Wednesday morning and taking its cumulative decline to 10 percent this year.
The shares were sold at a discount of 4 percent to 5.1 percent to their last closing price. In a statement, Waddell & Reed said it moved its position to Sands China parent Las Vegas Sands Corp.
Las Vegas Sands has greater market liquidity than Sands China, so the transaction improves the footing of its Asset Strategy portfolios, the statement said.
Waddell & Reed bought nearly 300 million shares of Sands China in 2009 at HK$10.38 apiece and has been gradually offloading the stake since 2011.
It holds a 6.99 percent stake in Galaxy Entertainment (00027.HK). The stock fell more than 1 percent Wednesday morning, weighed on by Sands China weakness.
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