Zhejiang New Century Hotel Shareholders Approve Privatization

Must Read

- Advertisement -

First Acceptance of the H Share Offer Closes on 19 April 2021

 

HONG KONG SAR – Media OutReach – 14 April 2021 – Zhejiang New Century Hotel Management Co., Ltd. (“Zhejiang New Century Hotel” or the “Company”, HKEx stock code: 1158) announced that the Company’s H Shareholders have approved the privatization and delisting proposal offered by Kunpeng Asia Limited (“the Offeror”), at the H Share Class Meeting and Extraordinary General Meeting held yesterday. The consideration to acquire all the H Shares of Zhejiang New Century Hotel proposed by Kunpeng Asia Limited is HK$18.15 per share, representing a premium of approximately 24.7% over the H Share closing price on the Last Trading Date (18 January 2021).

For the privatization to become unconditional, the Offeror must receive minimum valid acceptances of 90% of the number of H Shares held by the Independent H Shareholders. As of 13 April 2021, valid acceptances totaled approximately 84.40% of H Shares held by the Independent H Shareholders have been received. The Domestic Share Offer is subject to the H Share Offer being declared unconditional in all respects. The first closing date for acceptances of the H Share Offer is 19 April 2021 (next Monday). If shareholders’ H Shares have been lodged with licensed securities dealers, and they intend to accept the H Share Offer, they should instruct their licensed securities dealers to accept the H Share Offer as soon as possible before the closing date.

Read Also:  Cellini Launches Interest Free Payment Plans As Singapore Enters Phase 2

Pursuant to the Takeovers Code, settlement in cash in respect of acceptances of the H Share Offer will be made within 7 business days of the later of the date on which the H Share Offer has been declared unconditional and the date on which the H Shares are tendered for acceptance of the H Share Offer. For further details on how to accept the Offer, please refer to Appendix I of the Composite Document dated 19 March 2021.

Read Also:  7-SELECT Collaborates with PABLO, the Cheese Tart Bakery from Japan, To Launch 5 Brand-New Cheese-Inspired Delights

About Zhejiang New Century Hotel Management Co., Ltd. (HKEx stock code: 1158)

- Advertisement -

Zhejiang New Century Hotel Management Co., Ltd. is one of the leading hotel groups in the PRC and principally engages in the operation and management of mid-scale to upscale hotel chains in the PRC. Since its inception in Hangzhou, Zhejiang Province, in 1988, the Group has established the homegrown, widely recognized “New Century (開元)” brand series that principally target the upscale leisure and business travel markets, offering hospitality services of international standards complemented by local Chinese elements.

Zhejiang New Century Hotel Shareholders Approve Privatization

- Advertisement -
spot_imgspot_img

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

Latest News

FDA Seeks Public Comments On PMI Application To Market IQOS 3 As Modified Risk Tobacco Product-Brand Spur Nigeria

FDA Seeks Public Comments On PMI Application To Market IQOS 3...

The U.S. Food and Drug Administration (FDA) today opened a public comment period on Philip Morris International’s (PMI--NYSE: PM) application seeking authorization to market the IQOS 3 electrically heated tobacco system...
- Advertisement -
spot_imgspot_img

Latest News

FDA Seeks Public Comments On PMI Application To Market IQOS 3 As Modified Risk Tobacco Product

The U.S. Food and Drug Administration (FDA) today opened a public comment period on Philip Morris International’s (PMI--NYSE: PM) application seeking authorization to...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -spot_imgspot_img