By  on May 4, 2009

Hong Kong-based sourcing giant Li & Fung Ltd. said Tuesday it expects to raise about 2.68 billion Hong Kong dollars, or $345.8 million, after selling just over 3 percent of its shares.

Li & Fung said it sold 120.29 million of its existing shares at a price of 22.55 Hong Kong dollars, or $2.91, a share, offering a more than 6 percent discount to Monday’s closing price of 24 Hong Kong dollars, or $3.10. Li & Fung said leading institutional investors in Asia, North America and Europe purchased the shares.

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