Italy's Prysmian sells part of stake in YOFC to help fund acquisition of US group Channell
April 14 (Reuters) - Italy's Prysmian PRY.MI sold a 3.7% stake in Hong Kong-listed Yangtze Optical Fibre and Cable (YOFC) 601869.SS for around HK$350.2 million ($45.16 million) to support its $1.15 billion acquisition of U.S. group Channell, the cable maker said on Monday.
The stake in "YOFC is a financial participation and will help us minimize the use of treasury shares for the acquisition of Channell," a Prysmian spokesperson told Reuters.
When asked about any further disposals of shares Prysmian still holds in YOFC, the spokesperson did not rule out such a possibility.
Prysmian sold around 28.2 million H shares of YOFC for HK$12.40 per share. H share refers to mainland China's companies that are listed in Hong Kong.
YOFC mainly produces and sells different types of optical fibres and optical fibre cables that are widely installed in telecommunications.
($1 = 7.7548 Hong Kong dollars)
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