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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.