Esprit chief sells down

The chairman of Esprit Holdings is selling stock worth up to $773 million, cashing in on the global clothing retailer's roaring share performance after better than expected results last month, sources familiar with the sale said.

Michael Ying, who has been paring his stake for nearly two years, will see his holding fall to 16.3 per cent from 22.6 per cent after selling 80 million shares for between HK$53.80 ($9.50) and HK$54.80 each, a discount of 3 to 4.8 per cent to the stock's Tuesday close of HK$56.50, the sources said.

- REUTERS