GC Construction Becomes Subject of Mandatory Takeover Offer After Sale of Controlling Stake

MT Newswires Live10-02

GC Construction (HKG:1489) said it became the subject of a mandatory takeover after an independent third party acquired a controlling stake in the business, according to a Hong Kong bourse filing Tuesday.

Shares of the construction company gained over 82% after shares resumed trading at market open on Thursday.

The company's controlling shareholder Evolve Billion sold its 72.89% stake in the business to Jumbo Flags Capital for HK$122.5 million. The transaction involved 728,880,000 shares priced at HK$0.1680 each.

Evolve Billion is controlled by GC Construction's chairman and chief executive Chan Kiu Sum.

Jumbo Flags has offered to buy the rest of the company at HK$0.1812 per share in cash.

GC Construction said it had formed an independent board committee to advise shareholders on the matter.

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