New World-backed NWS receives buyout offer from Chow Tai Fook (updated)

CTF Services

27/06/2023 01:21

(Adds deal details in paragraph 2, background in paragraphs
3-4)
       June 27 (Reuters) - NWS Holdings  0659.HK , a subsidiary
of New World Development Co  0017.HK , said on Tuesday it had
received an offer from Hong Kong-based conglomerate Chow Tai
Fook that values it at HK$35.78 billion ($4.57 billion).
    The HK$9.15 per-share offer represents a premium of 14.5% to
NWS Holdings' last close of HK$7.99.
    NWS Holdings is an investment holding company that operates
a range of businesses predominantly in Hong Kong and on the
Mainland. Its core business includes toll roads, construction
and insurance.
    New World Development owns 60.88% of NWS Holdings. Chow Tai
Fook Enterprises holds a 2.48% equity in NWS Holdings.
    
($1 = 7.8302 Hong Kong dollars)

 (Reporting by Harish Sridharan in Bengaluru; Editing by
Subhranshu Sahu)
 ((Harish.Sridharan@thomsonreuters.com; Twitter: https://twitter.com/damnit_saladin;))