Evergrande shareholder Chinese Estates’ stock soars on take-private offer

Published by
Reuters

By Clare Jim HONG KONG (Reuters) -Shares of Chinese Estates Holdings, a former major shareholder of embattled developer China Evergrande, jumped as much as 31% on Thursday after it announced an offer to take the company private for HK$1.91 billion ($245 million). The Hong Kong developer said Solar Bright Ltd, backed by the family of Chinese Estates’ biggest shareholder Joseph Lau, had proposed to take it private by offering minority shareholders HK$4 apiece, a 38% premium to Chinese Estates’ last traded price. Chinese Estates’ former chairman Lau is as a member of the so-called “poker club” of…

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *