Refile: UPDATE 1-Asia Cement (China) shareholders reject majority owner's take-private deal

Asia Cement

26/08/2024 13:46

(Removes extraneous word "the" in paragraph 1)
       Aug 26 (Reuters) - Asia Cement (China)'s  0743.HK 
shareholders have rejected its majority owner's take-private
offer, it said on Monday. 
    Taiwan-listed Asia Cement Corp  1102.TW  had offered to take
the company private at a HK$5.05 billion ($647.8 million)
valuation at a time when construction suppliers continue to
grapple with China's crisis-hit property sector. 
    Asia Cement Corp, which holds a 73.38% stake in the firm,
had offered to purchase the remaining shares for HK$3.22 apiece
in early June, a 3% discount to the closing price on May 28.
        However, minority owners who hold a 26.62% interest in
the company chose to vote against the proposal, the cement maker
said. 
  
        Asia Cement (China)'s shares have fallen more than 9%
since the deal was announced.   
  
        
  
    

($1 = 7.7955 Hong Kong dollars)

 (Reporting by Sneha Kumar; Editing by Sonia Cheema)
 ((Sneha.Kumar@thomsonreuters.com;))