Stocks News
- CIMC confirms Enric stake purchase
Date: 7-Aug-2007 Sources: (Shenzhen Daily)
TOP global shipping container maker China International Marine Containers (CIMC) confirmed yesterday it had agreed to buy a stake worth HK$1.13 billion (US$145 million) in Enric Energy Equipment Holdings.
The deal, if successful, would be the first purchase of an H-share firm, or mainland company listed in Hong Kong, by an A-share company listed on a mainland bourse, the Shanghai Securities News said.
China International Marine Containers (Group), through its unit Charm Wise, reached an agreement July 30 to buy a 42.18 percent stake, or 190.703 million shares, in Enric from Xinao Group International Investment for HK$5.92 per share, Shenzhen-listed CIMC said in a statement yesterday.
The offer price represents a 27.36 percent discount to Enric's closing price of HK$8.15 July 30 prior to a trading suspension.
Enric Energy said late Friday that CIMC would make a general offer for all outstanding shares it did not already own in the company for HK$1.55 billion.
Enric said CIMC would make the general offer of HK$5.92 per share in cash for all outstanding shares it did not already own, valuing the company at HK$2.68 billion, after its purchase of a 42.18 percent stake in the company.
CIMC would also offer HK$4.42 in cash for each outstanding share option and it would maintain the listing of the energy equipment maker on the Hong Kong stock exchange.
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