Most Kwai Chung Becomes Subject of Mandatory Takeover Offer After Change in Ownership

MT Newswires Live

03/13

Most Kwai Chung (HKG:1716) said it became the subject of a mandatory takeover offer after a change in ownership of the business, according to a Hong Kong bourse filing Thursday.

Shares of the advertising and media services firm gained over 22% in morning trade Friday.

An entity tied to the company's controlling shareholders Iu Kar Ho and Luk Ka Chun sold 175.5 million shares of the firm, representing 65% of the business at HK$0.6963 per share, or HK$122.2 million in total.

Brave Steed Legacy, the purchaser, has now offered to acquire the rest of the business on the same terms.

The firm said it had formed an independent board committee to advise shareholders on the matter.

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