United Laboratories drops as major shareholder plans share sale at discount

United Laboratories International Holdings

19/09/2023 06:53

** Shares of United Laboratories International Holdings Ltd
 3933.HK  drop as much as 13.2% to HK$7.06, their lowest since
Sept 6
    ** Stock set for biggest one-day pct drop since September
2011 if losses hold; biggest pct loser in the Hang Seng
Composite Index  .HSCI  
    ** Bulk medicine and antibiotics products distributor says
its controlling shareholder plans to sell 3.52% stake for
HK$469.12 mln ($60.02 mln), reducing its stake in co to 48.92% 
    ** Co plans to sell 64 mln shares at HK$7.33 apiece,
representing a 9.8% discount to Monday's close of HK$8.13
    ** Share sale is expected to be completed on Sept 21 
    ** The Hang Seng Commerce & Industry Index  .HSNC  falls
0.4% and the healthcare index  .HSCIH  eases 0.3%
    ** The Hang Seng Composite Index and the Hang Seng Index
 .HSI  both slip 0.2%
    ** As of last close, the stock had jumped 67.6% this year

($1 = 7.8167 Hong Kong dollars)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))