Joy City Property Edges Closer to Delisting After Shareholders Approve Buy-Back Plan
MT Newswires Live
Nov 18
Joy City Property (HKG:0207) said scheme shareholders approved its proposed share buy-back via a scheme of arrangement at a court meeting, according to a Monday Hong Kong bourse filing.
Shares of the property firm were up over 3% in Tuesday afternoon trade.
The scheme was backed by 99.3% of votes cast, satisfying all approval thresholds under Bermuda law and the Hong Kong rules. A total of 4.73 billion scheme shares were eligible to vote, out of the company's 14.2 billion issued shares.
Subject to remaining conditions and a court sanction hearing on Nov. 21, the scheme is expected to take effect on Nov. 25, with the company's Hong Kong listing to be withdrawn on Nov. 27.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.