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Goldman Sachs Group Inc Raising $1.1 Billion From Sale of Remaining Stake In Industrial & Commercial Bank of China Ltd-DJ


Monday, 20 May 2013 09:02am EDT 

Dow Jones reported that Goldman Sachs Group Inc is selling its remaining stake in Industrial & Commercial Bank of China Ltd. for around USD1.1 billion, exiting an investment it made in China's biggest bank seven years ago. The stake in the bank has been lucrative for Goldman. If the current sale is successful, Goldman would raise more than USD9.7 billion from several block trades of ICBC shares. The Wall Street firm is selling the Hong Kong-listed shares in range of 5.47 Hong Kong dollars to 5.50 Hong Kong dollars each (70 U.S. cents-71 U.S. cents), representing a discount of 2.5%-3% to Monday's closing price of HK$5.64, according to a term sheet seen by The Wall Street Journal on Monday. The deal is expected to be priced by late Monday Eastern Daylight Time. Goldman Sachs is the sole bookrunner for Monday's share sale, the document said.