Shenzhen Jinma Asset Management Company Limited completed the acquisition of 0.01% stake in Shenyang Public Utility Holdings Co., Ltd. for HKD 0.03 million.
The transaction is conditional upon completion of share purchase agreement entered into by Shenzhen Jinma Asset Management. Shenzhen Jinma Asset Management Company Limited intends to maintain the listing of the H Shares on the Stock Exchange. An independent board committee comprising Bao Yi Qiang and Zhang Lei Lei, all being the non-executive Directors and Cai Lian Jun, Wong Kai Tat, Chan Ming Sun Jonathan and Wei Jie Sheng all being the independent nonexecutive Directors was formed to advise the shareholders of Shenyang Public Utility Holdings Co., Ltd. As on December 14, 2012, Shenzhen Jinma Asset Management Company Limited completed the acquisition of 58.8% stake in Shenyang Public Utility Holdings Co., Ltd. from Beijing Mingde Guangye Investment Consultant Company Limited and the composite offer document will be despatched to the shareholders on or before December 21, 2012. The offer is open for acceptance from December 21, 2012 and will close on January 11, 2013. Shenzhen Jinma Asset Management does not intend to revise the terms or extend the period of the offer. The composite offer document was despatched on December 21, 2012. Shenzhen Jinma Asset Management Company does not intend to exercise any right which may be available to it to acquire compulsorily any shares not tendered for acceptance under the offer.
As of December 20, 2012, the Board recommends the shareholders to reject the offer. The transaction is subject to approval by the shareholders of Shenyang Public Utility Holdings.
Karl Thomson Financial Advisory Limited acted as financial advisor to Shenyang Public Utility Holdings Co., Ltd. Kingston Corporate Finance Limited and Kingston Securities Limited acted as financial advisor to Shenzhen Jinma Asset Management Company Limited. Messis Capital Limited acted as the financial advisor to the independent board committee of Shenyang Public Utility Holdings. Hong Kong Registrars Limited acted as registrar to Shenyang Public Utility Holdings Co., Ltd.
Shenzhen Jinma Asset Management Company Limited completed the acquisition of 0.01% stake in Shenyang Public Utility Holdings Co., Ltd. (SEHK:747) for HKD 0.03 million on January 11, 2013. Shenzhen Jinma Asset acquired 0.14 million shares.