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Sunac buys Greentown stake
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SUNAC China Holdings Ltd will pay HK$6.3 billion (US$812 million) for a 24.3 percent stake in luxury home developer Greentown China Holdings Ltd.
Under an agreement, Hong Kong-listed Sunac will buy 524.8 million shares at HK$12 each from Greentown Chairman Song Weiping, Chief Executive Officer Shou Bainian and Xia Yibo, who is Song’s wife, Sunac said in a filing to the Hong Kong stock exchange.
The real cost of the acquisition, after deducting a proposed dividend of 54 Hong Kong cents a share for the buyer, was HK$6.01 billion, or HK$11.46 per share, which was 49 percent above the last closing price of HK$7.69, according to the filing.
On the completion of the deal, Sunac’s stake will be the same as Wharf Holdings Ltd, and they will both become the largest shareholders of Hong Kong-listed Greentown, whose headquarters are in Hangzhou, Zhejiang Province. The stakes held by Song and Shou will be cut to 10.47 percent and 8.08 percent, respectively, according to the filing.
Greentown said in a separate statement yesterday to the exchange that it will appoint Sunac Chairman and CEO Sun Hongbin as a non-executive director and co-chairman. Song will become co-chairman once the deal is done and then honorary chairman on March 1, 2015, when Sun will take over as chairman.
On June 8, 2012, Greentown said it would sell HK$5.1 billion in shares and convertible securities to Wharf. Two weeks later, it said it would transfer 50 percent of its stakes in nine projects to Tianjin-based Sunac for 3.37 billion yuan (US$540 million).
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