TORONTO: Hong Kong tycoon Li KaShing said on Wednesday he would sell his C$1.2bil (US$1bil) stake in Canadian Imperial Bank of Commerce, or about 4.9% of the bank, and donate the proceeds to his charitable foundations.
Li will sell up to 17 million shares of the CIBC, Canada's No. 4 bank by assets. No specific timing or pricing has been determined, but sales will be made to maximise the proceeds, the billionaire said in a statement.
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