Chinese state-owned investment group Shanghai International offered to buy a 51% stake in Haitong Unitrust International Financial Leasing for about $1.16 billion, according to a joint statement released on Friday.
Shanghai International, through its units, proposed to buy 1.24 billion domestic shares — 15.12% of the financial services firm’s total issued shares — for 2.3 billion Chinese yuan ($344.82 million)
The group also offered to buy 2.96 billion Hong Kong shares, or 35.88% of Haitong, for 6.38 billion Hong Kong dollars ($813.55 million)
The offer price of 2.16 Hong Kong dollars per H-share represents an 80% premium to their October 2 closing price; shares were halted on October 5, pending the announcement
Haitong expects the H-shares to resume trading on October 26.
Reuters
