Kingboard Holdings Ltd HKEX:148 is selling about $350 million of shares in Hong Kong-listed Kingboard Laminates Holdings Ltd HKEX:1888 in an accelerated bookbuild block trade, according to a term sheet seen by Reuters.
The seller is offering 130 million existing shares at HK$20.95 to HK$21.51 each, the term sheet showed. That represents a 6.5% to 8.9% discount to Kingboard Laminates' HK$23 closing price on Tuesday.
Kingboard Laminates is a vertically integrated electronics materials maker, according to its website.
Citi is the sole bookrunner on the sale.
Books are open, settlement is due on Friday, and the vendor and its affiliates are subject to a 90-day lock-up, the term sheet showed.