HONG KONG, April 21 (Reuters) - U.S. computer giant IBM
(IBM.N: Quote, Profile, Research) shed more of its stake in top Chinese PC maker Lenovo
Group Ltd (0992.HK: Quote, Profile, Research) on Monday, offloading $83.6 million worth of
stock at a 6 percent discount to its last trading price, a
source familiar with the deal said.
International Business Machines Corp (IBM) acquired its
stake in Lenovo at HK$2.675 a share in 2005, when the Chinese
firm bought IBM's ailing PC arm for $1.25 billion, and has been
selling it off in chunks as lockup periods have lapsed.
On Monday, IBM sold 116.19 million Lenovo shares at HK$5.61
each, the bottom of their indicated range, in a deal handled by
Citigroup (C.N: Quote, Profile, Research).
The stake represents 1.3 percent of Lenovo, the world's No.
4 personal computer maker, leaving IBM with 6.5 percent of the
company, according to a document sent to investors.
Lenovo shares closed at HK$5.97 on Monday, down 0.5 percent,
lagging a 2.17 percent gain in Hong Kong's benchmark Hang Seng
Index .HSI.
In February, IBM sold $80 million worth of Lenovo shares at
HK$5.41 each.
(US$1=HK$7.8)
(Reporting by Kennix Chim and Tony Munroe; Editing by Joseph
Chaney/Elizabeth Fullerton)
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