HONG KONG - Chase Manhattan Bank's offering of 388 million shares in its Hong Kong credit card business was over-subscribed at its closing on Monday, a Chase official said.
The offering was designed to raise the Hong Kong dollar equivalent of $89 million after expenses. The new shares represent 26% of the enlarged share capital of the Chase venture, Manhattan Card Co. Chase retained a 54% stake.
Beijing-controlled Citic Pacific Ltd. subscribed to 104.5 million new shares, or 7%, at the offer price of 24 cents each. Citic bought an additional 194.03 million existing shares, or 13%, at an undisclosed price.