Ying Li appoints Provenance Capital as IFA for takeover offer

CHONGQING-BASED property developer Ying Li International Real Estate has appointed Provenance Capital as its independent financial adviser (IFA) to advise its directors on a takeover deal.

On April 4, the company announced that a unit of China Everbright, State Alpha, is making a mandatory unconditional cash offer for Ying Li at S$0.14 per share.

The offer was triggered after the offeror bought about 767.1 million shares, representing about 30 per cent of the shares in the company, from Newest Luck Holdings. Ying Li has a market cap of about S$355.4 million.

As of 1.12pm on Wednesday, Ying Li shares were trading at S$0.14, up 0.7 per cent or 0.1 Singapore cent.