Li Ka-Shing set to sell $524 million shares in Bank of China

Li Ka-shing the Hong Kong billionaire is selling up to HK$4.06 billion ($524 million) worth of shares in Bank of China Ltd (HKG:3988), according to a share document the bank is the third largest in China.

Merrill Lynch & Co are managing the sale of the share holding, Li Ka-shing’s company Li’s Magnitico Holdings Ltd is offering 2 billion shares in the Bank of China at HK$1.98 to HK$2.03 each, according to information in the report.

The news comes after Bank of America (NYSE:BAC) offered $2.83 billion stake in China Construction Bank (HKG:0939) earlier on Wednesday.

In Hong Kong today shares in the Beijing-based bank closed at HK$2.14.

Source: Bloomberg