Chinese brokerage GF buys 20% stake in Value Partners in $140 mln deal (updated)

Value Partners

01/06/2023 11:31

(Adds deal detail)
       HONG KONG, June 1 (Reuters) - Chinese brokerage GF
Securities'  1776.HK  Hong Kong business has reached agreement
with asset manager Value Partners  0806.HK  to acquire a 20.2%
stake in the firm from its founding shareholders.
    The purchase of 369 million shares at HK$3 per share totals
HK$1.107 billion ($141 million), Hong Kong-listed Value Partners
 said in a stock exchange filing on Thursday.
    GF Holdings (Hong Kong) is acquiring a 12.3% stake from
Value Partner's largest shareholder Cheah Cheng Hye and another
7.9% from Yeh V-Nee, who together founded the China-focused
asset manager in 1993.
    Reuters reported on Monday that a deal was close.
    Value Partners says it is considering declaring a special
cash dividend of no more than HK$0.50 per share prior to deal
completion.
($1 = 7.8489 Hong Kong dollars)

    

 (Reporting by Selena Li
Editing by Jason Neely and David Goodman)
 ((Selena.Li@thomsonreuters.com; +852 39525868;))