Zhongtai leads move for Quali-Smart
26 February 2018 Hong Kong
Image: Shutterstock
Zhongtai International Investment Group is set to acquire Hong Kong-listed Quali-Smart.
Quali-Smart, through its subsidiary Crosby Group, is engaged in securities brokerage, securities margin financing and asset management services.
Zhongtai International Investment Group, along with Taifu Capital Investments Limited and Great Boom Group Limited have entered into an agreement to subscribe for an aggregate of 2,283,848,000 shares.
The agreement is free from all encumbrances for an aggregate consideration of HK $799.3 million in cash at the subscription price of HK $0.35 per share.
Zhongtai International Investment Group Limited will subscribe for 1,722,436,000 shares, representing approximately 116.84 percent of the issued share capital of the company, for a consideration of HK $602.8 million.
Taifu will subscribe for 186,356,000 shares, representing approximately 12.64 percent of the issued share capital of the company, for a consideration of HK $65.2 million.
Lastly, Great Boom Group will subscribe for 375,056,000 shares, representing approximately 25.44 percent of the issued share capital of the company, for a consideration of HK $131.2 million.
These figures represent share prices as of 23 February.
According to a joint statement from Zhongtai and Quali-Smart, the subscription price was decided after negotiations between the company and the subscribers, which had taken into account, among other things, the recent financial performance of the group, in particular the continued loss-making position of the group and the unaudited consolidated net asset value of the company as at 30 September last year.
Total consideration will be payable in cash upon completion.
Quali-Smart, through its subsidiary Crosby Group, is engaged in securities brokerage, securities margin financing and asset management services.
Zhongtai International Investment Group, along with Taifu Capital Investments Limited and Great Boom Group Limited have entered into an agreement to subscribe for an aggregate of 2,283,848,000 shares.
The agreement is free from all encumbrances for an aggregate consideration of HK $799.3 million in cash at the subscription price of HK $0.35 per share.
Zhongtai International Investment Group Limited will subscribe for 1,722,436,000 shares, representing approximately 116.84 percent of the issued share capital of the company, for a consideration of HK $602.8 million.
Taifu will subscribe for 186,356,000 shares, representing approximately 12.64 percent of the issued share capital of the company, for a consideration of HK $65.2 million.
Lastly, Great Boom Group will subscribe for 375,056,000 shares, representing approximately 25.44 percent of the issued share capital of the company, for a consideration of HK $131.2 million.
These figures represent share prices as of 23 February.
According to a joint statement from Zhongtai and Quali-Smart, the subscription price was decided after negotiations between the company and the subscribers, which had taken into account, among other things, the recent financial performance of the group, in particular the continued loss-making position of the group and the unaudited consolidated net asset value of the company as at 30 September last year.
Total consideration will be payable in cash upon completion.
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