Paul Singer’s Elliott Investment Management plans to sell its stake in Bank of East Asia Ltd, exiting its holding from the Hong Kong-based lender after more than a decade.
BEA, as the bank is known, will repurchase 246.5 million shares in the bank held by Elliott and its affiliated entities, representing about 8.43% of the total number of issued shares, according to a statement filed with the city’s stock exchange on Friday.
