In the morning of November 1, First Service announced that Sunac Services planned to conditionally acquire 322 million shares of First Service, accounting for 32.22% of the company’s issued share capital. The transaction consideration was RMB 692 million and the consideration per share was RMB 2.15.
First Service Holdings has applied for shares to resume trading from 9:00 a.m. on November 1, 2021.
As early as October 8, its property company First Service Holdings (02107.HK) issued an announcement on the suspension of trading on the Hong Kong Stock Exchange.
At that time, some people speculated that Modern Land was likely to choose to sell property management companies to withdraw funds.
On October 21, Modern Land (HK:01107) issued an announcement of a trading halt. The announcement stated that the company’s shares (stock code: 1107) and debt securities (stock code: 40525) have been held at Hong Kong United from 9:00 a.m. on October 21, 2021 (Thursday) at the request of Real Estate (China) Co., Ltd. The Exchange Co., Ltd. temporarily suspended trading, pending the publication of an announcement containing the company’s inside information.
On October 29, the market broke the news that First Service Holdings, a property company under Modern Real Estate, might be sold to Sunac, thus obtaining a sum of funds to be announced, provided by Zhang Lei, chairman of the board of directors of the merged company, and Zhang Peng, president Approximately RMB 800 million in shareholder loans will ease cash flow in the future.
In this regard, Modern Land said that the announcement shall prevail. Officially announced today.
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