Tian An China Investment, a Mainland property developer, will sell its controlling stake in a Hong Kong-listed cement maker at a discount to focus on its core business.
Tian An will sell all of its 55 per cent stake in Shanghai Allied Cement at HK$0.70 a share to raise HK$279.3m. The price represents a discount of about 62.57 per cent to Shanghai Allied’s last close of HK$1.87 before its trading suspension on May 8.
Hong Kong-listed COL Capital agreed to buy 17 per cent of the shares for HK$87.8 million, it said separately.
