Sinocan Holdings sells 18pc to Itochu Group for $185m

Sinocan Holdings, which manufactures cans in the mainland, says executive chairman Wong Man-wing has sold up to 18 per cent of the company to Japan's Itochu Group for almost $185 million. Mr Wong sold 127.44 million, or 15 per cent, Sinocan shares at $1.45 a share. He also granted options to Itochu, allowing Itochu to convert into 25.48 million Sinocan shares, or 3 per cent of issued share capital. The sale price represented a 9 per cent discount to yesterday's close of $1.33.