Haitong Securities offers $436.7 mln to take its Hong Kong unit private (updated)

Haitong International Securities

06/10/2023 14:27

(Adds details on acquisition in paragraphs 2-5)
       Oct 6 (Reuters) - Haitong International Securities
 0665.HK  said on Thursday its parent and Shanghai-based Haitong
Securities  600837.SS  has made HK$3.42 billion ($436.66
million) offer to take the Hong Kong-listed unit private and
take full control of the firm.
    Reuters had previously reported that Haitong Securities was
planning to buy the remainder of the unit in a bid to stem the
offshore investment banking arm's losses.
    Haitong already owns a 73.6% stake, which had a market value
of HK$5.99 billion as of Wednesday.
    Trading in the shares of Haitong International was halted
from Sept. 27 pending an announcement under the takeover code.
    The firm has applied to the stock exchange for a resumption
of trading in its shares and bonds from Oct. 9.    

($1 = 7.8322 Hong Kong dollars)

 (Reporting by Poonam Behura in Bengaluru; Editing by Arun
Koyyur)
 ((Poonam.Behura@thomsonreuters.com;))