The shares of Chinese Estates (Holdings) Ltd. rose on the Hong Kong Stock Exchange on Thursday after its majority shareholders offered to privatize the company to protect it from a tough business environment.
The company, which is controlled by Hong Kong billionaire Joseph Lau and his wife Chan Hoi-wan, who made an offer Wednesday night to buy shares they do not already own in Chinese Estates 127,
for HK $ 1.91 billion (US $ 245.4 million).
The billionaires, who already own nearly 79% of the company, have offered to pay HK $ 4.00 per share, almost 84% premium over the last traded price of HK $ 2.18.
Chinese Estates shares rose 31% when trade opened and are now 29% higher at HK $ 3.74.
It is believed that the Covid-19 pandemic will continue to affect the business environment in which the group operates for some time. In light of the latest developments in the Covid-19 pandemic, the group’s business operations are expected to continue to face challenges and uncertainties, the company said.
The group also mentioned other challenges for its activity, such as its participation in China Evergrande Group 3333,
amid the liquidity problems of conglomerates.
Chinese Estates had reduced its stake in the struggling real estate developer last month and said its board was cautious and concerned about Evergrandes’ liquidity problems.
He currently owns a 4.39% stake in Evergrande, which is facing serious financial difficulties that have seen its share fall by more than 80% since the start of the year.
Chinese Estates said its privatization offer and proposed delisting from the Hong Kong Stock Exchange would provide its shareholders with the ability to sell their shares without suffering any liquidity and settlement risk.
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