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NEC to sell 281.1 mln Lenovo shares

Sep. 5, 2012 (China Knowledge) - NEC Corp, a Japanese multinational IT company, plans to sell 281.1 million shares of Lenovo Group Ltd<0992>, the world's second-largest PC maker.

The sources said that the Japanese firm will sell the shares at a price range of HK$6.30 to HK$6.50, equivalent to a discount of between 1.8% and 4.8% off Lenovo's closing price of HK$6.62 yesterday.

NEC is expected to raise up to US$235 million through the share sale.

Credit Suisse Group has been hired to handle the deal.

Lenovo Group said last month that its net profit grew 30% YoY to US$141.4 million in the three months ended Jun.30, driven by robust growth in PC shipments in emerging markets, according to an earlier report from China Knowledge.

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