Loading

Loading

ACC Board Approves Privatization of ACC (China)

ACC Board Approves Privatization of ACC (China)

Asia Cement Corporation (1102-TW) today announced that its Board of Directors has approved the plan to privatize its mainland cement business subsidiary, Asia Cement (China) Holdings Corporation (hereinafter referred to as "Asia Cement (China)" (0743-HK)).

The privatization plan involves acquiring approximately 32.27% of the shares in Asia Cement (China) that are not already owned by Asia Cement, through a Scheme of Arrangement, at a cash price of 3.22 HKD per share, representing a premium of approximately 45% over the closing price of the Last Undisturbed Date(May 24, 2024). This acquisition includes shares held through Asia Cement's wholly-owned subsidiaries.

This plan is subject to approvals from the relevant regulatory authorities in Hong Kong and Taiwan, the approval of Asia Cement (China) shareholders at an extraordinary general meeting, and the sanction of the Cayman Islands Court. Upon receiving these approvals, Asia Cement (China) will be delisted from the Hong Kong Stock Exchange.

Asia Cement aims to reduce administrative costs and management resources associated with maintaining Asia Cement (China)’s listing status and compliance with regulatory requirements through this privatization, and in turn, allow greater flexibility for Asia Cement Corporation and Asia Cement (China) to manage Asia Cement (China)’s business. Additionally, it provides minority shareholders with the opportunity to exit their shares at a compelling price premium amidst challenging market and industry conditions.

Business and Company
News Type
Announcement
Share
Download
Source

Asia Cement

Related News

More News

We use cookies to improve your user experience and for web traffic statistics purposes. By continuing to use this website, you agree to our use of cookies. For more details consult our Privacy &Cookie Policy.

I Accept