Oct 6 (Reuters) – Chinese Estates Holdings (0127.HK), a serious shareholder of embattled developer China Evergrande (3333.HK), acknowledged on Wednesday it had proposed to be taken non-public by Describe voltaic Luminous Ltd for HK$1.91 billion ($245.30 million).
Following the completion of the proposed deal, the whole stake in the firm will seemingly be held by British Virgin Islands-essentially based completely Describe voltaic Luminous and its Century Frontier and JLLH Investments subsidiaries.
Chinese Estates shares will seemingly be delisted from the stock replace and its shareholders will seemingly be paid HK$4.00 in cash for every cancelled half, the firm acknowledged.
Shares of Chinese Estates were halted since Sept. 29, after they closed at HK$2.90.
The firm has been planning to offload its whole stake in the cash-strapped developer and had no longer too lengthy in the past offered $32 million rate of Evergrande shares. read more
($1 = 7.7865 Hong Kong greenbacks)
Reporting by Riya Sharma; Editing by Anil D’Silva
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