Australia's Goodman Group plunges after report of $1.2 bln stock sell-down

Goodman

04/12/2024 24:41

Dec 4 (Reuters) - Shares of Australia's Goodman Group
 GMG.AX  fell more than 5% on Wednesday, after a media report
said China Investment Corporation (CIC) was selling stocks worth
A$1.9 billion ($1.23 billion) in the property developer.
    Shares of the company slid as much as 5.7% to A$35.955, as
of 1220 GMT, logging their biggest intraday drop in four months,
and hitting their lowest level since Nov. 13.
    Goodman was the top loser on the ASX 200 benchmark index
 .AXJO , which was last trading down 0.5%.
    As per the report in The Australian earlier on Wednesday,
CIC offloaded 2.6% or 50.4 million shares in Goodman Group.
    The deal was handled by investment bank Citi, which was left
with at least A$35 million of the stock after the sell-down that
got repriced, the report said, citing sources.
    According to LSEG data, CIC owned about 7.84% stake in
Goodman Group as of July 31, 2024.
    Citi and Goodman Group declined to comment on the matter,
while CIC did not immediately respond to a Reuters request for
comment.
    


($1 = 1.5423 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru; Editing by
Rashmi Aich)
 ((Adwitiya.Srivastava@thomsonreuters.com;))