Kingston may be delisted from Hong Kong Stock Exchange

The controlling shareholder of Kingston Financial had proposed taking the company private last October.

Macau.- Kingston Financial Group has reported that it may be delisted from the Hong Kong Stock Exchange on February 27 if a scheme of arrangement is approved by a Bermuda court by February 22. The company, which has interests in Grandview Casino in Taipa and Casa Real Casino, both under SJM Holdings’s casino concession, continues to offer gaming under the new concession system that began on January 1. 

Last October, the controlling shareholder of Kingston Financial proposed taking the company private, offering HKD0.30 per share to investors. Trading in the shares was suspended on February 10 after a bid from Active Dynamic Ltd, a British Virgin Islands company wholly owned by Pollyanna Chu Yuet Wah, Kingston Financial’s chief executive and co-founder, who already controls 74.6 per cent of the company. 

Shareholders will receive cheques for payment of the cancellation price on or before March 3, according to the company’s Monday filing.