HK developer Chinese Estates hits over 3-mth high on take-private deal

Chinese Estates Holdings

07/10/2021 02:54

** Shares of Chinese Estates Holdings  0127.HK  jump 31% to
HK$3.80, the higest since June 29, after a major shareholder
offers to take it private  
    ** Stock is the biggest pct gainer on the Hong Kong bourse 
    ** Chinese Estates, a former major shareholder of embattled
developer China Evergrande  3333.HK , said on Wednesday it
received a HK$1.91 bln ($245.30 mln) proposal to be taken
private by Solar Bright Ltd  urn:newsml:reuters.com:*:nL4N2R224R
    ** British Virgin Islands-based Solar Bright currently owns
37.91% of Chinese Estates
    ** Offer of HK$4 per share is an 83.5% premium over stock's
closing price on Sept. 28 and a 37.9% premium over last price on
Sept. 29 before trading halt 
    ** Chinese Estates has been planning to offload its entire
stake in Evergrande and had recently sold $32 mln worth of
shares in the cash-strapped developer  urn:newsml:reuters.com:*:nL1N2QP02Q
    ** The Hang Seng sub-index tracking property firms  .HSNP 
rises 1.2% and the benchmark index  .HSI  surges 1.6%
    ** Chinese Estates stock fell 23.3% this year, as of last
close 

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))