[ET Net News Agency, 9 March 2017] Skyway Securities (01141) said offeror CMBC
International Investment Limited and Brilliant Decent Limited agreed to acquire 2,527.2
million shares and 900 million shares of Skyway Securities at a total of about HK$205.63
million, representing about 19.23% of the existing issued share capital of Skyway
Securities.
Skyway Securities also agreed to issue 25,000 million new shares to CMBC International
Investment Limited and 1,950 million new shares to Brilliant Decent at HK$0.032 per share,
representing a discount of about 89.84% to the closing price of HK$0.315, for a total of
HK$862.4 million.
Upon completion, CMBC International Investment Limited will hold 61.48% stake and
Brilliant Decent will hold 6.37% stake in Skyway Securities. CMBC International Investment
Limited will be required to make an unconditional mandatory cash general offer for all the
issued shares of Skyway Securities. The offer price is HK$0.06 per share, representing a
discount of about 80.95% to the closing price of HK$0.315.
Skyway Securities proposes a distribution in specie of all the shares of China Soft
Power Technology (CSPT) (00139) and Future World Financial (FW) (00572) held by the Group
to the shareholders on the basis of about 682 CSPT shares for every 10,000 shares held and
about 177 FW shares for every 10,000 shares held. Skyway Securities also proposes a
special dividend of no less than HK$0.021 per share.
The offerer intends to maintain the listing of Skyway Securities shares on the Main
Board of the Stock Exchange and to continue the principal business of the remaining Skyway
Securities group.
The offeror is an indirect wholly-owned subsidiary of China Minsheng Banking Corporation
(01988). Brilliant Decent is a direct wholly-owned subsidiary of China Huarong Overseas
Investment (02799). (HL)