New World Development rumored to acquire Skynet

It was reported by sources that Skynet (International) Holdings (0577), which was suspended yesterday, intended to issue massive new shares to acquire the construction assets of New World Development (0017). Accordingly, New World Development made reverse acquisition and listed its construction business by backdoor listing. New World Development might acquire the stake of Skynet (International) from Lo Lin Shing, deputy chairman of Tai Fook Group (0665). Lo Lin Shing acquired Companion Building Material (Holdings) (0432) for HK$49 mln in February and it held 48% shareholding of Skynet

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