September 6, 2017 / 11:34 AM / in 10 months

Top two shareholders in China's Shenzhou selling up to $429 mln worth of shares -IFR

HONG KONG, Sept 6 (Reuters) - Top two shareholders in Chinese garment manufacturer Shenzhou International Group are selling up to $429 million worth of shares, IFR reported on Wednesday, citing a deal marketing term sheet.

Keep Glory Ltd and Fairco Group Ltd are jointly selling 55 million shares in an indicative price band of HK$58.50-HK$60.50 ($7.5-$7.7) per share, the Thomson Reuters publication reported.

Shares in Hong Kong-listed Shenzhou ended at HK$62.85 on Wednesday, down 1.5 percent.

Keep Glory currently owns 50.2 percent of Shenzhou’s total shares, while Fairco has a 5.7 percent stake as the second largest shareholder, Thomson Reuters data showed.

Shenzhou’s headquarters and investor relations team were not available for immediate comment.

Credit Suisse is the sole bookrunner for the deal, the term sheet showed.

$1 = 7.8250 Hong Kong dollars Reporting by Fiona Lau; additional reporting by Julie Zhu; writing by Sumeet Chatterjee; editing by Jason Neely

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