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Shun Ho Holdings Ltd ( (HK:0253) ) just unveiled an update.
Shun Ho Property Investments has agreed to buy back 68,139,510 of its own shares, or 11.75% of its issued share capital, from Mercury Fast Limited, a wholly owned subsidiary of Magnificent Hotel Investments, for HK$48.1 million, with the repurchased shares to be held as treasury stock. Following completion, the proportional ownership of other Shun Ho Property shareholders will increase as the share base excluding treasury shares contracts.
Magnificent Hotel plans to distribute the net proceeds from this off-market share buy-back as a special cash dividend to its shareholders, subject to approval at an extraordinary general meeting and completion of the transaction. Because the deal involves a controlling shareholder and exceeds certain size thresholds, it is classified as both a connected and discloseable transaction under Hong Kong listing rules, triggering reporting, announcement and independent shareholders’ approval requirements for both Magnificent Hotel and Shun Ho Property.
More about Shun Ho Holdings Ltd
Magnificent Hotel Investments, Shun Ho Property Investments and Shun Ho Holdings are Hong Kong-listed companies involved in hotel investment and property investment. Shun Ho Property focuses on real estate assets, while Magnificent Hotel holds hospitality-related interests, and together they form an integrated group with a controlling shareholder structure in Hong Kong’s property and hotel sectors.
Average Trading Volume: 35,621
Technical Sentiment Signal: Hold
Current Market Cap: HK$162M
For detailed information about 0253 stock, go to TipRanks’ Stock Analysis page.