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StanChart kicks off share offer

StanChart kicks off share offer

(Hong Kong) - London-listed Asian banking specialist Standard Chartered has kicked off its HK$3.2 billion (US$410 million) Hong Kong share offer. StanChart plans to sell up to 35 million shares, or 3.1 percent of the company, to local and overseas investors and list in Hong Kong on October 31.

Pricing for the offer will be set this weekend, but under UK regulations cannot be at any more than a 2 percent discount on the closing price in London on Friday.

StanChart generates a third of its revenue in Hong Kong, where it is one of three note-issuing banks.
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