Legend Holdings (HKG:3396) directors plan to obtain shareholder approval for its potential on-market acquisitions of its Lenovo (HKG:0992) subsidiary's shares, according to a Tuesday filing with the Hong Kong Stock Exchange.
Legend will be allowed to purchase up to 2% of Lenovo's shares, equivalent to 248,092,000 shares at HK$15 per share for 12 months, the filing said.
The diversified investment company will hold 32.27% of Lenovo's enlarged issued shares as a result of the purchase.
Lenovo's shares were down almost 1% in recent Wednesday trade.
Price (HKD): $5.32, Change: $-0.02, Percent Change: -0.38%
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