Shui On values unit at $277 mln in privatisation

HONG KONG, April 7 (Reuters) - Shui On Construction and Materials (0983.HK) said on Tuesday it will take China Central Properties (CCPL.L) private via an all-share and a mixed cash and share offer, valuing its London-listed unit at HK$2.15 billion ($277 million).

Shareholders may opt for 0.94864 of a new Shui On share for each China Central Properties (CCP) share they own, or 0.47432 of a new Shui On share plus 27.50 pence (about HK$3.14) in cash per CCP share, the company said in a statement.

Based on Shui On's last close of HK$8.05 per share on April 2, the offer values the entire issued share capital of CCP at about 188.17 million pounds (or HK$2.15 billion).

That represents a price of 66.92 pence per CCP share, or a 117.62 percent premium over the closing price of CCP shares on March 11.

Both the share offer and the mixed offer are exclusive of the final dividend which the CCP shareholders are entitled to retain.

Shares of Shui On, which owns about 72.26 percent of CCP, fell 4.7 percent after trading resumed on Tuesday afternoon following the announcement.

CCP, a unit to develop distressed property assets in China, was spun off from Shui On in 2007.

(Reporting by Alison Leung; Editing by Jacqueline Wong)