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NetMind (0985) sells 8.66% of CIFG (0412) for HK$598.44m
Disclosure of interest, 8-Dec-2016
The off-market transaction, on 5-Dec-2016, was for cash at $0.36 per share, a 39% discount to the closing price of $0.59. The consideration was 24.31% ot NetMind's market capitalisation of $2461m at the average price over the preceding 5 days, so in our view, it was a Discloseable Transaction under the Listing Rules, which NetMind has failed to announce. Both companies are in what we call the "Chung Nam Network".
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