Hong Kong's Bank of Jinzhou to receive $439 mln takeover offer from Liaoning Financial (updated)

Bank of Jinzhou Co

26/01/2024 15:08

(Adds details on the offer)
       26 Jan - Hong-Kong-based Bank of Jinzhou  0416.HK  said
on Friday that  Liaoning Financial Holding would make an offer
to buy all domestic shares in the bank for an aggregate
consideration of 3.15 billion yuan ($439.01 million).
    Liaoning Financial, which is owned by the finance authority
of the Chinese province of Liaoning, will offer 1.25 yuan per
domestic share, the bank said in a filing with The Stock
Exchange of Hong Kong.    
    The bank added Liaoning will also offer to acquire its
H-shares for HK$1.38 per H-share, valuing it at aggregate of
HK$4.85 billion ($620.74 million)
        H-shares are shares of Chinese mainland companies listed
on the Hong Kong Stock Exchange or other foreign exchanges. They
are denominated in Hong Kong dollars and traded similarly to
other equities on the Hong Kong exchange.
  
        Liaoning Financial has appointed China International
Capital Corporation Hong Kong Securities as its financial
adviser for the offer, the filing said.
  
        Bank of Jinzhou will apply to delist its H-shares from
the Hong Kong exchange after the offer becomes unconditional,
the company added.  
  
   
    

($1 = 7.1753 Chinese yuan renminbi)

(1 Hong Kong dollar = 0.9184 Chinese yuan renminbi)

 (Reporting by Poonam Behura in Bengaluru; Editing by Tasim
Zahid)
 ((Poonam.Behura@thomsonreuters.com;))