Fullshare Holdings to acquire 9.09% of China Saite Group for HK$106 million
Dec 11, 2016
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(12 December 2016) Fullshare Holdings Limited (“Fullshare Holdings” or the “Company”, which together with its subsidiaries, is referred to as the “Group”; SEHK stock code: 607), which is principally engaged in property development, provision of green building services, investment and the business of healthcare products and services, announces today that it has signed an agreement to subscribe for 203,800,000 new shares of China Saite Group Company Limited (“China Saite”, SEHK stock code: 153) for HK$106 million, or at HK$0.52 per share in cash. The new shares will be equal to 9.09% of the enlarged issued share capital of China Saite.
The subscription price represents a discount of approximately 10.34% to the closing price of HK$0.58 per China Saite share as quoted on the Stock Exchange on 12 December 2016.
China Saite mainly provides integrated construction solutions using steel structures and prefabricated components for various types of property projects. Compared to traditional steel and concrete structures, the prefabricated structures provided by the CSGCL Group are more environmentally friendly, which is in line with the Group’s environmental protection objectives, particularly in green construction areas..
Mr. Ji Changqun, Executive Director, Chairman and CEO of Fullshare Holdings said, “Fullshare Holdings aims to become a comprehensive solution provider of green technologies and healthcare services. Through this investment, the Group will cooperate with China Saite in property development and green construction. This investment will create synergies with the Company’s existing businesses.”