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The sold shares accounted for about 1.3% of Lenovo's capital stock, and the price was 4% lower than Lenovo's closing price in Hong Kong on Monday. IBM yesterday released a plan of selling the shares at HKD 5.19-5.36 each in a deal handled by Citigroup.
After the deal, IBM's holdings in Lenovo dropped to 4.7%. Shareholders of Hong Kong-listed firms are required to release their share sales when they hold 5%-or-above stakes in these companies, according to the Stock Exchange of Hong Kong.
Lenovo bought the PC business of IBM in 2005 for USD 1.25 billion, and IBM got 1.31 billion Lenovo shares for HKD 2.675 apiece. After that, IBM sold Lenovo shares for many times. For instance, it sold shares worth USD 83.6 million at HKD 5.61 per shares in mid-April, 2008.
From www.enet.com.cn, Page 1, Tuesday, July 22, 2008 info@SinoCast.Com
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