HONG KONG: Cosway Corp Ltd, the Hong Kong-listed unit of Malaysian gaming-to-property conglomerate Berjaya Corp Bhd, said today that Berjaya shareholders had voted to privatise the company.
Cosway’s shares were suspended on Friday at HK$1.07 each, ahead of the results of the vote in Malaysia.
They will resume trading on January 26, after the break in Hong Kong for the lunar new year.
Berjaya has already issued rights to fund the plan.
Cosway said in a filing to the Hong Kong stock exchange today that shareholders had approved the deal in a vote in Malaysia.
The deal is expected to cost HK$2.31 billion (US$296.9 million), a 21 per cent premium to Cosway’s HK$1.10 value when the privatisation bid was announced in July.
Cosway markets consumer goods. The Malaysian arm of Cosway owns 45 per cent of the stock of the Hong Kong-listed entity, with Berjaya holding another 7 per cent.
CCB International is advising Cosway on the deal. - Reuters
Cosway’s shares were suspended on Friday at HK$1.07 each, ahead of the results of the vote in Malaysia.
They will resume trading on January 26, after the break in Hong Kong for the lunar new year.
Berjaya has already issued rights to fund the plan.
Cosway said in a filing to the Hong Kong stock exchange today that shareholders had approved the deal in a vote in Malaysia.
The deal is expected to cost HK$2.31 billion (US$296.9 million), a 21 per cent premium to Cosway’s HK$1.10 value when the privatisation bid was announced in July.
Cosway markets consumer goods. The Malaysian arm of Cosway owns 45 per cent of the stock of the Hong Kong-listed entity, with Berjaya holding another 7 per cent.
CCB International is advising Cosway on the deal. - Reuters
