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Evergrand’s main shareholder, Chinese Estates, plans to be privatized by Reuters


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Reuters file photo: China Evergrand Center building sign can be seen in Hong Kong, China, September 23, 2021. Reuters / Tyrone Sue

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(Reuters) – Chinese Estates Holdings, a major shareholder in troubled developer China Evergrand, said on Wednesday it had offered to personally acquire Solar Bright Limited for HK $ 1.91 billion ($ 245.30 million).

Upon completion of the proposed agreement, the entire stake in the company will remain in the hands of British Virgin Islands-based Solar Bright and its Century Frontier and JLLH Investments subsidiaries.

The Chinese estate shares will be delisted from the stock exchange and its shareholders will be paid HK $ 4.00 cash for each canceled share, the company said.

Shares of Chinese Estate have been closed since September 2, when they closed at HK $ 2.90.

The company plans to offload its entire stake in the cashless developer and recently sold গ্র 32 million worth of Evergrand shares.

(1 = 7.7865 HK)

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