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China Kangda maintains dual listing in Hong Kong, Singapore
CHINA Kangda Food Co has maintained its dual listing on the Hong Kong and Singapore bourses after the close of a mandatory general offer by its new anchor shareholder.
In a joint announcement with its new anchor shareholder, China Tian Yuan Manganese, China Kangda said that the mandatory general offer drew valid acceptances for the tender of shares representing 0.28 per cent of the entire issued share capital of the company.
China Tian Yuan Manganese and the parties acting in concert with it, have raised their shareholding interest in China Kangda to 69.46 per cent interest in the dual-listed entity.
With 30.54 per cent of its issued share capital still held by the public, China Kangda has satisfied the minimum public float requirement of 25 per cent of the stock exchange rules. It will maintain its dual-listing in Hong Kong and Singapore.
In early May, China Tian Yuan completed the acquisition of a 69.2 per cent stake in China Kangda, which triggered the mandatory general offer for the rest of the dual-listed entity.
China Tian Yuan indicated then however, it will maintain China Kangda's primary listing status in Hong Kong and secondary listing status in Singapore.