Bursa Alert
Global Market
NewsBCorp plans to take Hong Kong unit private
Page 1 of 1
BCorp plans to take Hong Kong unit private
by hlk Fri 08 Jul 2011, 08:05
PETALING JAYA: Berjaya Corp Bhd (BCorp) says its wholly-owned subsidiary Cosway Corp Bhd is considering the privatisation and delisting of Hong Kong-listed Cosway Corp Ltd (CCL) for HK$1.10 (42.5 sen) per share.
The company told Bursa Malaysia that the privatisation would provide CCL with the necessary management flexibility and enable CCL to focus on driving its strategic plan to globalise the Cosway brand.
“The board of BCorp is confident of the excellent future potential of the Cosway business model and hence is proposing to own 100% of the company.
“The board is of the view that CCL could potentially become the main core business of the BCorp group and underpin the group’s performance, going forward,” BCorp said.
The price of HK$1.10 represents a premium of about 45.1% over the five-day volume weighted average market price of HK$0.7583 per CCL share up to July 6.
CCL was floated on the Hong Kong Stock Exchange in November 2009 via a reverse takeover of Berjaya Holdings (HK) Ltd.
The company told Bursa Malaysia that the privatisation would provide CCL with the necessary management flexibility and enable CCL to focus on driving its strategic plan to globalise the Cosway brand.
“The board of BCorp is confident of the excellent future potential of the Cosway business model and hence is proposing to own 100% of the company.
“The board is of the view that CCL could potentially become the main core business of the BCorp group and underpin the group’s performance, going forward,” BCorp said.
The price of HK$1.10 represents a premium of about 45.1% over the five-day volume weighted average market price of HK$0.7583 per CCL share up to July 6.
CCL was floated on the Hong Kong Stock Exchange in November 2009 via a reverse takeover of Berjaya Holdings (HK) Ltd.
hlk- Moderator
- Posts : 19013 Credits : 45112 Reputation : 1120
Join date : 2009-11-14
Location : Malaysia
Similar topics» BCorp plans BCorp plans RM800mil-RM1bil 100MW solar power plant
» Hong Kong: Down to more than 2-year low
» Hong Kong regulator takes Ernst & Young to court Read more: Hong Kong regulator takes Ernst & Young to court
» Hong Kong: Higher, led by big 4 banks
» Hong Kong: Lowest in more than 2 years
» Hong Kong: Down to more than 2-year low
» Hong Kong regulator takes Ernst & Young to court Read more: Hong Kong regulator takes Ernst & Young to court
» Hong Kong: Higher, led by big 4 banks
» Hong Kong: Lowest in more than 2 years
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum