Xiwang Property No Longer Subject to Mandatory Takeover Offer

MT Newswires Live

Jul 09

Xiwang Property (HKG:2088) said it no longer expects to be the target of a mandatory takeover offer as none of its controlling shares were the subject of a sale, according to a Hong Kong bourse filing Wednesday.

Shares of the property developer remained suspended.

Xiwang Property's controlling shares had been placed under receivership in August 2023 due to loan defaults linked to a related company.

Since then, the company said the receivers had not entered into any legally binding agreements and there was no indication that they were in discussions to sell the stocks.

Xiwang Property said it does not consider an offer to be imminent and that it will no longer issue monthly updates on the matter.

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