China Merchants Property Industry Co., Ltd. (000024.SZ) announced on Friday that its controlling shareholder China Merchants Shekou Industrial Zone Holdings Co., Ltd. has planned to merge with the company via share swap.
According to the statement, China Merchants Shekou Industrial Zone Holdings will make a private issuance of no more than 15 billion yuan worth A shares at 23.6 yuan per share.
The newly issued A shares will be used to swap existing A shares and B shares of China Merchants Property from investors at a price of 37.78 yuan/share and 28.67 yuan/share. Investors will also have the cash options.
After share swapping, China Merchants Shekou Industrial Zone Holdings will replace China Merchants Property to get listed on Shenzhen Stock Exchange and China Merchants Property will be delisted from the exchange.
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