The official from Landing International made an official offer to acquire all the shares in the company that he doesn’t own.
Hong Kong.- Yang Zhihui, chairman of Landing International Development Ltd, has formally offered to acquire the shares in the company that he doesn’t own. The news were announced by the company during a filing in Hong Kong.
As GGRAsia reported, Hong Kong’s Takeovers Code establishes that Landing International has to make a mandatory unconditional cash offer for the shares of Landing International Development that it doesn’t own. Landing International Ltd had already acquired 5.26 percent stake in Landing International Development on Wednesday, which means that the firm owns 51.41 percent. Landing International made the offer of US$0.0096 per share.
The offer would be financed with its own resources and a loan facility courtesy of Kingston Securities Ltd. Landing international believes that by acquiring extra shares they can increase stakes and consolidate control. “Following completion of the offer, the offeror intends that the group will continue to operate its business in substantially its current state. However, the offeror reserves the right to make any changes that it deems necessary or appropriate to the group’s businesses and operations to increase the value of the group,” said the company.