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Shun Ho Property Investments Ltd ( (HK:0219) ) has shared an update.
Shun Ho Property Investments Limited has agreed to repurchase 68,139,510 of its own shares, representing 11.75% of its issued share capital, from Mercury Fast Limited, a wholly owned subsidiary of Magnificent Hotel Investments Limited, for HK$48.1 million. Upon completion, these shares will be held as treasury shares, resulting in a proportional increase in the ownership percentage of all other Shun Ho Property shareholders.
Magnificent Hotel plans to use the net proceeds from this off-market share buy-back to pay a special cash dividend to its shareholders, subject to their approval and completion of the transaction. The deal is classified as both a connected and discloseable transaction under Hong Kong Listing Rules, triggering reporting, announcement and independent shareholders’ approval requirements for Magnificent Hotel and discloseable transaction obligations for both Magnificent Hotel and Shun Ho Property.
More about Shun Ho Property Investments Ltd
Shun Ho Property Investments Limited is a Hong Kong-incorporated investment company focused on property-related interests within the Shun Ho group structure. It is closely linked with Magnificent Hotel Investments Limited and Shun Ho Holdings Limited, which operate and invest in hotels and real estate assets in Hong Kong, providing exposure to the local property and hospitality markets.
Average Trading Volume: 87,902
Technical Sentiment Signal: Buy
Current Market Cap: HK$363.2M
For an in-depth examination of 0219 stock, go to TipRanks’ Overview page.