Reuters HK 26 June 2013
Beijing municipal government backed Beijing Enterprises Group Company Lt. announced on Wednesday that it would pay HK$2.4B (around $3.1B) to buy the new shares of China Leason, a company specializes in the natural gas exploitation. The shares owned by BEG would be equivalent to 66.7% of the total enlarged shares.
BEG’s main businesses include natural gas, beer and sewage treatment. It said to have entered into a memorandum with China Leason to subscribe for 9,300,000,000 new shares at HK$0.26 per share, approximately 46% discount of the final offer HK$0.48 last Friday.
BEG would also apply for the waiver from Securities & Futures Commission of HK to waive the obligation to make a general offer. If not waived, the deal might not be proceeding.
China Leason will be remain suspended for further notice. BEG closed 4.42% higher at HK$59.
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Beijing Enterprises Group will buy China Leason for HK$2.4B
