Economic Information Daily, September 30 - Maoyan International (00848) is currently up 83.8%, trading at HK$0.182, with approximately 7.17 million shares traded, involving HK$1.32 million. The stock reached a high of HK$0.187 and a low of HK$0.182.
Maoyan International and W.F Group Limited, held by non-executive director Wong Wai-cheng, jointly announced that W.F Group proposes to privatize the group by way of a scheme of arrangement under Section 86 of the Cayman Islands Companies Law, and proposes to cancel the listing status. The cancellation price is 20.8 cents per share, representing a premium of approximately 1.1 times over the closing price of 9.9 cents before suspension, and at a discount of approximately 92.5% to the net asset value per share of HK$2.78 as of June 30. The group has been suspended since September 17 and has applied to resume trading today from 9:00 a.m.
The group stated that Wong Wai-cheng is the son of Huang Maoru, the controlling shareholder, chairman, executive director, and CEO. Wong Wai-cheng and his parties acting in concert hold 82.69% of the equity. If all about 890 million plan shares are accepted, the maximum cash consideration would be approximately HK$185 million. Wong Wai-cheng's proposed privatization offers shareholders an opportunity to realize value amid challenges in the mainland retail market and persistently low liquidity of the group's shares. (vs)
Maoyan International and W.F Group Limited, held by non-executive director Wong Wai-cheng, jointly announced that W.F Group proposes to privatize the group by way of a scheme of arrangement under Section 86 of the Cayman Islands Companies Law, and proposes to cancel the listing status. The cancellation price is 20.8 cents per share, representing a premium of approximately 1.1 times over the closing price of 9.9 cents before suspension, and at a discount of approximately 92.5% to the net asset value per share of HK$2.78 as of June 30. The group has been suspended since September 17 and has applied to resume trading today from 9:00 a.m.
The group stated that Wong Wai-cheng is the son of Huang Maoru, the controlling shareholder, chairman, executive director, and CEO. Wong Wai-cheng and his parties acting in concert hold 82.69% of the equity. If all about 890 million plan shares are accepted, the maximum cash consideration would be approximately HK$185 million. Wong Wai-cheng's proposed privatization offers shareholders an opportunity to realize value amid challenges in the mainland retail market and persistently low liquidity of the group's shares. (vs)
