Sino-Ocean Land acquires shares in Hong Kong-listed business
July 29, 2010 | BY
clpstaff &clp articlesSino-Ocean Land Holdings has made a general offer to acquire a 69.02% stake in Kee Shing Holdings, a Hong Kong-listed company, for HK$474 million (US$61…
Sino-Ocean Land Holdings has made a general offer to acquire a 69.02% stake in Kee Shing Holdings, a Hong Kong-listed company, for HK$474 million (US$61 million). Sino-Ocean Land is a Beijing-based real estate company, one of the largest in the PRC.
Under the agreement, Kee Shing will focus on its property and securities investment businesses after the acquisition and change its name to Gemini Property Investments. After the general offer and acquisition are completed, Sino-Ocean land will be required under the Hong Kong Takeovers Code to make an unconditional mandatory cash offer to independent shareholders of Kee Shing to acquire all the issued shares of the company.
The acquirer was represented by a Paul Hastings Janofsky & Walker team led by Hong Kong partner Raymond Li and of counsel Jenny Lau.
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