Chinese Estates shares set to surge after it says to go private

The Hong Kong developer said it had proposed to be taken private by Solar Bright Ltd, backed by the family of Chinese Estate's biggest shareholder, by offering minority shareholders HK$4 apiece. The stock was set to open at HK$3.71.


Reuters | Hong Kong | Updated: 07-10-2021 07:00 IST | Created: 07-10-2021 07:00 IST
Chinese Estates shares set to surge after it says to go private
  • Country:
  • Hong Kong

Shares of Chinese Estates Holdings, a former major shareholder of embattled developer China Evergrande, were set to jump 27.9% on Thursday after it announced an offer to take the company private for HK$1.91 billion ($245 million). The Hong Kong developer said it had proposed to be taken private by Solar Bright Ltd, backed by the family of Chinese Estate's biggest shareholder, by offering minority shareholders HK$4 apiece.

The stock was set to open at HK$3.71. ($1 = 7.7857 Hong Kong dollars) (Reporting By Clare Jim and Donny Kwok; Editing by Anne Marie Roantree and Muralikumar Anantharaman)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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