Skyway Securities (01141) said it entered into a non-legally binding memorandum of understanding in relation to the possible subscription of new shares by Soochow Securities (Hong Kong) Financial Holdings Limited.
The subscription shares would represent not less than 51% of the enlarged issued share capital of Skyway Securities. The subscriber intends to apply for the whitewash waiver in respect of the possible subscription and it is the intention of the parties that the possible subscription will not proceed if the whitewash waiver is not available.
The subscriber is a wholly owned subsidiary of Soochow Securities Co., Ltd., a China-based securities company listed on the Shanghai Stock Exchange. Soochow Securities Co., Ltd. is principally engaged in securities brokerage, securities investment advisory, securities dealing and investment consultancy, acting as underwriter and sponsor and securities asset management businesses.
Skyway Securities had applied for the resumption of trading in shares on 1 August.
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