Key Takeaways
- RBC Venture sells its 75% stake in Rimbaco to Shenzhen Shengtun.
- The HKD157.5 million deal values shares at HKD0.167, a 74.3% discount.
- A mandatory general offer will be made at the same price of HKD0.167 per share.
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Rimbaco Stake Changes Hands at 74.3% Discount, Triggering Offer
Rimbaco (01953.HK) announced a change in controlling shareholder, with a 75% stake sold at a 74.31% discount to its last closing price, triggering a mandatory general offer for all remaining shares.
The company announced the transaction in a filing to the Hong Kong Stock Exchange.
Former controlling shareholder RBC Venture transferred 945 million shares, representing a 75% stake, to independent third party Shenzhen Shengtun. The total consideration was HKD157.5 million, equating to a price of HKD0.167 per share. The offer price represents a 74.31% discount to the stock's closing price before a trading suspension.
Upon completion, Shenzhen Shengtun will make a mandatory unconditional cash offer for all remaining shares at the HKD0.167 price. The new controlling shareholder intends to maintain Rimbaco's listing status on the exchange.
Trading in the company’s shares is set to resume on Monday, the 27th. The significant discount of the offer price suggests the stock could face substantial downward pressure, potentially aligning its market price closer to the offer level.
This article is for informational purposes only and does not constitute investment advice.
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