Pavillon Holdings sells 0.20% stake in Lingbao

The company divested 2,513,000 Lingbao shares.

Pavillon Holdings, through its indirect wholly-owned subsidiary, Shanghai Yiwen Information and Technology, disposed of 2,513,000 shares or a 0.20% stake in HKEX-listed Lingbao.

The share disposal was completed from 28 March to 9 May, and the shares were sold at a range of prices between $7.22 (S$1.21) and $10.04 (S$1.68) apiece, raising a total of $23.26m ($3.92m).

The average disposal price of $9.34 (S$1.56) represents a premium of 3%, 30%, 58%, and 84% over the volume-weighted average price per disposal share for the one-month, three-month, six-month, and 12-month periods, respectively, up to and including the last trading day on 8 May.

Proceeds will be used for general corporate purposes, working capital for existing operations, and/or to fund new business investment opportunities.