June 24, 2015 / 10:15 AM / 4 years ago

Standard Chartered launches up to $215 million selldown in China Cinda: term sheet

Passersby walk in front of the main branch of Standard Chartered in Hong Kong January 8, 2015. REUTERS/Bobby Yip

HONG KONG (Reuters) - Standard Chartered (STAN.L) plans to sell up to $215 million worth of shares in state-owned China Cinda Asset Management Co Ltd (1359.HK), according to a term sheet of the deal seen by Reuters on Wednesday.

Standard Chartered, through its Standard Chartered Financial Holding unit, is offering 360 million shares of China Cinda in an indicative range of HK$4.55 to HK$4.63 each, putting the total deal at up to HK$1.67 billion ($215 million), the terms showed. The price is equivalent to a discount of up to 3.8 percent to Wednesday’s close.

China Cinda, the second largest of China’s bad debt managers that were created by the government to clean up the balance sheets of its biggest banks in the 1990s, went public in December 2013.

Shareholders including UBS UBSG.VX and CITIC Capital have also sold parts of their stakes in China Cinda earlier this year as the shares gained.Bank of America Merrill Lynch and Goldman Sachs were hired as joint bookrunners of the selldown, Thomson Reuters publication IFR reported.

Reporting by Elzio Barreto; Editing by Muralikumar Anantharaman

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