Hong Kong billionaire Li Ka-shing sold his 4.9 percent stake in Canadian Imperial Bank of Commerce for C$1.2 billion ($1 billion), and will donate all the proceeds to his charitable foundations, the bank said on its Web site Thursday.
L.F. Investments (Barbados) Limited, a company controlled by Li, sold 17,008,928 common shares of CIBC at C$70.00 per share, for total proceeds of approximately C$1.2 billion. CIBC World Markets acted as agent in the sale of these shares.
Li was biggest investor in Canada’s fourth-largest bank before the sale, according to Bloomberg data.
For this complete story, please visit Hong Kong Billionaire Sells CIBC Stake for $1 billion.
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