Hong Kong billionaire Li Ka-shing (李嘉誠) is raising as much as HK$4.06 billion (US$524 million) selling shares in Bank of China Ltd (中國銀行), a stock sale document said.
Li’s Magnitico Holdings Ltd is offering 2 billion shares in the Beijing-based bank to institutions at HK$1.98 to HK$2.03 each.
Bank of China shares closed at HK$2.14 yesterday. Merrill Lynch & Co is managing the sale.
The sale by Li, 80, whose charity owns Magnitico, comes after UBS AG sold shares in Bank of China to raise funds.
Bank of China spokesman Wang Zhaowen (王兆文) said he was unaware of the sale. Wendy Tong Barnes (唐惠慈), spokeswoman for Li’s flagship property developer Cheung Kong (Holdings) Ltd (長江實業), wasn’t immediately available to comment.