Luen Cheong Tai cancels agreement of acquiring Philippine properties shareholdin

Luen Cheong Tai International Holdings (1190) announced it had already stopped the agreement of acquiring Philippine properties. In previous time, the company announced to acquire 40% shareholding of GPI, which held the stake of Philippine properties, and the distributable profit of the income of its extra 10% shareholding. Accordingly, Luen Cheong Tai International Holdings should issue 111 mln shares to pay the consideration of HK$17.76, circa HK$0.16 per share. The company also pointed out as the agreement would cause several complicated problems of laws and procedures and the cost of solving these problems was expected to be higher than the proceeds, the company decided to stop the agreement.

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