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VisionChina in $182 mln ADS sale - source

Thu Aug 7, 2008 11:10pm EDT

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HONG KONG, Aug 8 (Reuters) - Chinese advertising network operator VisionChina Media Inc (VISN.O) plans to sell 8 million American Depositary Shares (ADS) worth about $182 million, a source close to the deal said on Friday.

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Among the 8 million ADS, 12.5 percent are primary and 87.5 percent are secondary, and the shares will be sold by the firm's chairman and chief executive, an executive director and some investors, the source said.

VisionChina is expected to price the deal on Aug 14.

Credit Suisse (CSGN.VX), Morgan Stanley (MS.N) and Merrill Lynch MER.N are the deal's underwriters.

(US$1=HK$7.8)

(Reporting by Kennix Chim, editing by Jonathan Hopfner)

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