CB Richard Ellis Group Inc, the largest publicly traded commercial property broker, is seeking to raise as much as US$300 million by selling new shares of its Class A common stock.
The offering was disclosed in a regulatory filing on Tuesday. The broker’s net income fell 69 per cent in the third quarter from a year earlier to US$12.4 million, or four US cents a share, Los Angeles-based CB Richard Ellis said on Oct 28.
The company announced the share sale after the close of regular US trading. The shares rose 22 US cents, or 2.1 per cent, to US$10.78 in New York Stock Exchange composite trading on Tuesday. They have climbed 150 per cent this year.
Source : Business Times – 5 Nov 2009
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