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China Developer Landsea Group Co. Ltd Buys 63.4% Stake In Shenzhen High-Tech Holdings Ltd For HKD863.1 Million-DJ


Tuesday, 18 Jun 2013 02:08am EDT 

Dow Jones reported that Landsea Group Co. Ltd is purchasing a 63.4% stake in Shenzhen High-Tech Holdings Ltd for HKD863.1 million ($111.2 million). The Nanjing-based unlisted developer, which specializes in green buildings, is buying 1.26 billion shares for HKD0.685 each, Shenzhen High-Tech said in a statement on the Hong Kong Stock Exchange website. The price represents a 67% premium to Shenzhen High-Tech's closing price of HK$0.41 per share on June 7 before trading was halted. After completing the stake purchase, Landsea will need to make a mandatory unconditional cash offer for the remaining shares in Shenzhen High-Tech, which has businesses in real estate development and financial services. 

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19 Sep 2014