Evergrande's major shareholder Chinese Estates plans to go private (updated)

Chinese Estates Holdings

06/10/2021 14:22

(Adds details on the proposed deal, background)
    Oct 6 (Reuters) - Chinese Estates Holdings  0127.HK , a
major shareholder of embattled developer China Evergrande
 3333.HK , said on Wednesday it had proposed to be taken private
by Solar Bright Ltd for HK$1.91 billion ($245.30 million).
    Following the completion of the proposed deal, the entire
stake in the company will be held by British Virgin
Islands-based Solar Bright and its Century Frontier and JLLH
Investments subsidiaries. 
    Chinese Estates shares will be delisted from the stock
exchange and its shareholders will be paid HK$4.00 in cash for
each cancelled share, the company said.
    The company has been planning to offload its entire stake in
the cash-strapped developer and had recently sold $32 million
worth of Evergrande shares.  urn:newsml:reuters.com:*:nL1N2QP02Q

($1 = 7.7865 Hong Kong dollars)

 (Reporting by Riya Sharma; Editing by Anil D'Silva)
 ((Riya.Sharma@thomsonreuters.com;))