HONG KONG ECONOMY TODAY NEWS (Sept 9) - Sin Yuen Enterprises Group (01748) and Ocean Vivo Limited (OVL), wholly owned by shareholder Lau Chi Chun, jointly announced that OVL, as the offeror, has proposed a conditional voluntary general cash offer at HK$2.21 per share, representing a premium of 25.57% over the last closing price of HK$1.76 prior to suspension.
The group stated that the offeror will not increase the offer price. Lau Chi Chun currently holds approximately 20.71% of the equity, and the total consideration payable under the offer amounts to approximately HK$770 million. The offeror intends to maintain the company's listing status.
In addition, the group announced that Chan Ka Kon no longer serves as an executive director, and Wei Shusong resigned as an independent non-executive director, both effective from September 10. The group has been suspended since February 21 last year and will continue to be suspended. (wh)
The group stated that the offeror will not increase the offer price. Lau Chi Chun currently holds approximately 20.71% of the equity, and the total consideration payable under the offer amounts to approximately HK$770 million. The offeror intends to maintain the company's listing status.
In addition, the group announced that Chan Ka Kon no longer serves as an executive director, and Wei Shusong resigned as an independent non-executive director, both effective from September 10. The group has been suspended since February 21 last year and will continue to be suspended. (wh)
