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LIPPO (00226.HK) Rockets 40% as Major Shareholder Proposes Privatization
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LIPPO (00226.HK) announced a privatization plan, before resuming trading this morning (29th) with a drastic opening increase of 41.3%, peaking at HKD0.67. It last stood at HKD0.65, up 41.3%, with a typically sparse trading volume surging to 4.171 million shares, involving HKD2.6966 million. LIPPO CHINA RES (00156.HK) resumed trading this morning too without any recorded transactions, last quoted at HKD0.82. LIPPO and its controlling shareholder Lippo Capital (the offeror) jointly announced a proposal to privatize LIPPO through a scheme of arrangement, offering a cash price of HKD0.14 per share. Simultaneously, LIPPO proposed a distribution in specie of its 33.01% stake in LIPPO CHINA RES (00156.HK), involving approximately 303 million shares, through receipt of 615 LIPPO CHINA RES Shares for every 1,000 Shares held by the Shareholder; or in cash form, an amount of HKD0.564 per Share. The privatization cash offer is priced at HKD0.704 per share, representing a 53.04% premium over LIPPO's last trading price before suspension. Upon completion of the proposal, LIPPO will apply for the delisting of its shares. AASTOCKS Financial News Website: www.aastocks.com |
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