China Overseas Land Investment acquire the property assets of conglomerate Citic Group.
Memory
www.diecastingpartsupplier.com
2016-03-22 13:58:34
China Overseas Land & Investment has agreedto acquire the property assets of Chinese state-owned conglomerate Citic Group.
The Hong Kong-listed property developer will payRmb31bn (HK$37.08bn, or$4.8bn), give or take 5per cent, for Citic’s residential property assets, thecompany said in a statement to the Hong KongExchange.
To pay for the deal, COLI will issue 1.1bn consideration shares, at HK$27.13 a piece, worthHK$29.72bn, as well as HK$7.36bn to be settled by the transfer of a portfolio of properties.
The new shares represent 11.1 per cent of the existing issued share capital of the company,and the issue price represents a premium of 5.36 per cent to COLI’s closing price on Friday ofHK$25.75.