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An update from Kinetic Mines & Energy Ltd. ( (HK:1277) ) is now available.
Kinetic Development Group Limited has issued a supplemental announcement regarding its planned acquisition of interests in Taiyuan Seedland and Dongzhimen Properties from companies ultimately owned by major shareholder Mr. Zhang Liang, Johnson. After further review, the board resolved to aggregate these two deals as a series of transactions under Hong Kong Listing Rules, since they are to be executed on the same date and both serve the purpose of offsetting outstanding receivables owed by the related companies through asset transfers. On an aggregated basis, the acquisitions trigger connected transaction thresholds, meaning the relevant agreements and related debt settlement arrangements are now subject to announcement, annual reporting and independent shareholders’ approval. An independent board committee has been formed and an independent financial adviser appointed to assess the terms for minority investors, while Mr. Zhang’s related entities, including King Lok Holdings Limited and their associates, will abstain from voting at the upcoming extraordinary general meeting, underscoring governance requirements around related-party dealings.
The most recent analyst rating on (HK:1277) stock is a Buy with a HK$2.00 price target. To see the full list of analyst forecasts on Kinetic Mines & Energy Ltd. stock, see the HK:1277 Stock Forecast page.
More about Kinetic Mines & Energy Ltd.
Kinetic Development Group Limited, incorporated in the Cayman Islands and listed in Hong Kong, operates as part of a wider corporate group engaged in investment and development activities, including property-related interests, and conducts connected transactions with entities ultimately controlled by its major shareholder, Mr. Zhang Liang, Johnson.
Average Trading Volume: 20,675,550
Technical Sentiment Signal: Buy
Current Market Cap: HK$11.21B
See more insights into 1277 stock on TipRanks’ Stock Analysis page.