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China Merchants Holdings Pacific Ltd Announces Agreement With China Merchants Group Ltd's Indirect Wholly Owned Subsidiary

Friday, 27 Sep 2013 06:42am EDT 

China Merchants Holdings Pacific Ltd (CMHP) announced that the Company has entered into a conditional share sale and purchase agreement (the Agreement) with China Merchants Properties Development Limited (the Purchaser), pursuant to which CMHP has agreed to sell and the Purchaser has agreed to purchase (a) the entire issued ordinary share capital of China Merchants Pacific (NZ) Limited (CMP(NZ)) and (b) a shareholder’s loan made by CMHP to CMP(NZ) (collectively, the Disposal). The Purchaser is an indirect wholly-owned subsidiary of China Merchants Group Limited (CMG), the ultimate holding company of the Company. The completion of the Disposal (“Completion”) is subject to and conditional upon various conditions precedent (“Conditions”), including, inter alia, the approval of shareholders of the Company (“Shareholders”) for the Disposal at an extraordinary general meeting of the Company to be convened (“EGM”). Following Completion, CMHP will no longer hold any interest in CMP(NZ) and its subsidiaries, and CMP(NZ) and its subsidiaries will cease to be members of the CMHP group comprising CMHP and its subsidiaries (“CMHP Group”). 

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