83% Guangdong Building Industries shareholders accept offer of Hi Sun

Hi Sun Ltd. announced it had accepted 21.76 mln shares of offer acceptance application according to the acquisition of Guangdong Building Industries (0818), accounting for 25.84% of the existing issued shares of Guangdong Building. Accounting for the former 57.16% stake, Hi Sun will hold 83% shareholding of Guangdong Building Industries after the acquisition, while the shares held by the public will be 17%. Hi Sun planned to maintain the listing position of Guangdong Building in the Exchange and in Australian securities, so it will take some action to keep the public shareholding at 25% level.Guangdong Investment (0270) announced last month it had sold its 57.16% shareholding of Guangdong Building , about 48.14mln shares, to Hi Sun for a total cost of HK$31.48 mln. Meanwhile, Guangdong Investment exempt the debt owed by Guangdong Building. The buyers of the dealing are both independent parties.

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