Shanghai Construction rumored to acquire 20% shareholding of HK Construction

It was rumored in the market that Shanghai Construction had got approval from State Department to acquire Hong Kong Construction (0190), while China Everbright International (0257) sold 100 mln old shares, about 20% shareholding to Shanghai Construction yesterday at HK$1.66 each, involving HK$168 mln. Meanwhile, Hong Kong Construction would place 100 mln new shares at HK$1.12 each to raise HK$112 mln, of which 35 mln new shares would be acquired by Shanghai Construction and the rest 65 mln shares would be acquired by investors.

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