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enChinaNews

UOB selling $39 million of Wuxi shares -source

HONG KONG, June 10 (Reuters) - United Overseas Bank Ltd UOBH.SI was selling $38.6 million worth of shares in China's biggest pharmaceutical research outsourcing company, Wuxi PharmaTech Inc WX.N, a source close to the deal said on Tuesday.

UOB was selling 2.1 million shares of Wuxi at $18.4 each, the source said. The offering price represents a 4.9 percent discount to the firm’s Monday closing price at $19.35.

Credit Suisse CSGN.VX is the arranger of the share sale.

United Overseas Bank has a 12.9 percent stake in Wuxi, according to a regulatory filing in February.

(US$1=HK$7.8)

Reporting by Kennix Chim; Editing by Anne Marie Roantree

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