Kennede Electronics to Change Control After Parent Disposes of Equity for 287 Million Yuan; Shares Dip 9%

MT Newswires Live12-18 12:37

Kennede Electronics MFG (SHE:002723) will change its control after its controlling shareholder, Shenzhen Huaxin Chuangli Technology Industry Development, agreed to dispose of its entire 9.25% equity in the company for a consideration of 286.5 million yuan, according to a Shenzhen bourse disclosure on Thursday.

Shanghai Jiasheng Times Enterprise Management Partnership (Limited Partnership) will purchase the stake, which represented 30,737,862 unrestricted shares sold at 9.32 yuan each.

Jiasheng Times will become the company's controlling shareholder after the completion of the acquisition, while Luo Minghua and Liu Lingshuang will become the actual controllers.

Kennede's shares slumped over 9% during the midday trade.

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