Property News · August 29, 2017

New World Department Store’s privatisation plan fails to garner required support from shareholders


Plans by the parent firm of New World Department Store China to take it private for HK$934.5 million have failed, after not managing to garner enough support from independent shareholders for a full buyout of the operation.
By the end of its final closing date on Monday, New World Department Store had received valid acceptances representing 83.90 per cent of shares owned by independent shareholders, just shy of the 90 per cent required to proceed under company law.
Thus “the offer has not…

Source : South China Morning Post
Read more…New World Department Store’s privatisation plan fails to garner required support from shareholders

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