Hutchison China MediTech Shares in London Fall as Investor Plans to Cut Stake -- Update

(Adds pricing of the offer, updates share price)

By Adria Calatayud

London-listed shares in Hutchison China MediTech Ltd. (HCM.LN) fell Monday after the company said shareholder CK Hutchison Holdings Ltd. (0001.HK) plans to sell a 1.3% stake.

This would reduce CK Hutchison's stake in the company to 49.9% from 51.1%, allowing it to deconsolidate the investment from its financial statements, Hutchison China MediTech said.

The offering price was set at $17.65 for each American depositary share, Hutchison China MediTech said. Each ADS represents five ordinary shares, the company said.

The China-focused pharmaceutical company, which is listed in the U.K. and the U.S., said the Hong Kong-based conglomerate has no intention of selling additional shares in Hutchison China MediTech for the foreseeable future upon completion of the current offering.

Hutchison China MediTech's London-listed shares at 1320 GMT were down 5% at 285 pence.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

September 30, 2019 09:53 ET (13:53 GMT)

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