ARA

ARA: Newswires say two major sh/h are seeking to sell 76m shares in a block deal that could raise ~$108m. CEO John Lim and Cheung Kong Invmt Co (a unit of HK developer Cheung Kong Hldgs- 1 HK) plan to sell the shares at $1.42 each. Mr. Lim plans to sell the shares via his wholly owned JL Investment Group. The deal would involve selling ~ 9.9% of the ARA's 768.4m issued shares at a 2.7% discount to the stock's last closing price of $1.46 yday. The sale is meant to boost liquidity in the stock and is aimed at meeting strong investor demand. An unnamed U.S. long fund has agreed to take up a major portion of the shares up for sale. Mr. Lim declined to comment when asked about the planned deal. As of Mar, JL Invmt had a 36.45% stake in ARA, while Cheung Kong Invmt had a 15.62% interest.