ZhengTong Auto Services Issues 6.7 Billion Shares to Xinda Motors, Triggers Mandatory Offer

MT Newswires Live

06/03

China ZhengTong Auto Services (HKG:1728) has completed the issue of 6,669,060,524 new shares to Xinda Motors at HK$0.15 apiece for about HK$1 billion, a Monday Hong Kong bourse filing said.

The shares represent about 66.58% of the automobile dealer's shares in issue.

Xinda Motors' stake in the company has risen to 75% as a result, mandating the former to make a general offer to buy the rest of the company's shares.

A joint composite document regarding the offer will be issued and dispatched by Xinda Motors and the company to the latter's shareholders.

CLSA will manage the offer, which will be made at HK$0.15 per share, on behalf of Xinda Motors.

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