BRIEF: Tian Tu Capital reduces Pagoda stake

Tian Tu Capital Co. Ltd. (1973.HK), a venture and private equity investor specializing in the consumer sector, said on Thursday it sold about 3.5 million shares of fruit vendor Pagoda (2411.HK) in the market at an average price of about HK$1.56 per share. It raised nearly HK$5.47 million ($704,000) through the sale.

Tian Tu added it has now sold about 60.3 million Pagoda shares in the market over the last 12 months at an average price of about HK$1.61 per share, which accounted for about 4% of Pagoda’s issued shares. Tian Tu said it raised about HK$102 million through the sales, and will recognize a loss of 50.4 million yuan on the disposals in the second half of this year.

The company said proceeds from the stake sell-down can be used to increase its own working capital and for other investments.

By Lau Chi Hang

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