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AIR CHINA Discounts 6.6% to Place 1.6%+ of CATHAY PAC AIR Shrs; Expected PBT RMB180M+
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AIR CHINA (00753.HK) announced that its wholly-owned subsidiary Easerich placed 108 million shares of CATHAY PAC AIR (00293.HK), representing approximately 1.61% of Cathay Pacific's issued shares, at a price of HKD12.22 per share, which was a 6.6% discount compared to yesterday's (5th) closing price of HKD13.09, involving a total amount of approximately HKD1.32 billion. The profit before tax from the Sale of Shares is estimated to be approximately RMB182 million (excluding the impact of transaction fees, other comprehensive income, value-added tax and surcharges), which is subject to finalization in the Company’s audited financial statements. Pursuant to the Placing Agreement, Easerich and the Company undertake that, from the date of the Placing Agreement until and including the date being 180 days after the Closing Date, they will not and will procure their affiliates not to, directly or indirectly sell, transfer, or otherwise dispose of any Cathay Pacific Shares or related interests, nor agree or announce any intention to enter into or effect any such transactions, nor enter into any transaction having a similar effect, except for the Sale of Shares and any intra group transfers by Easerich and/or the Company where the transferee agrees to be bound by the terms of such lock-up obligations. Immediately upon completion of the Sale of Shares, the Company's shareholding through its wholly-owned subsidiary, Cathay Pacific, decreased from approximately 28.72% to 27.11%. The Company’s shareholding in Cathay Pacific will continue to be maintained at an appropriate level. The Company remains an important strategic shareholder of Cathay Pacific and continues to be optimistic about Cathay Pacific’s development prospects, and its support for Cathay Pacific remains unchanged. AASTOCKS Financial News Website: www.aastocks.com |
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