The Wall Street Journal-20080111-Cheung Kong -Holdings- Ltd-- Holders Plan to Sell 33-5 Million Shares

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Cheung Kong (Holdings) Ltd.: Holders Plan to Sell 33.5 Million Shares

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Shareholders of Cheung Kong (Holdings) Ltd., the flagship property company of Hong Kong businessman Li Ka-shing, are selling 4.71 billion Hong Kong dollars (US$603.2 million) worth of existing shares in the company, according to a term sheet. The shareholders are selling 33.5 million shares in Cheung Kong at a fixed price of HK$140.50 each, the term sheet said. The selling price represents a discount of 3.8% to Wednesday's close of HK$146. Yesterday, the stock closed at HK$141. The term sheet didn't name the sellers. UBS AG is the sole bookrunner of the deal, the term sheet said.