KFM Kinder (03816) and KIG Real Estate Holdings Li...
According to the Zhitong Finance App, KFM Jinde (03816) and KIG Real Estate Holdings Limited jointly announced that all the prerequisites for the Jinde Precision Trading Agreement have been fulfilled. The completion of the Jinde Precision transaction was implemented on February 5, 2024. This date is the date agreed in writing between the company and KIG Real Estate (regardless of the terms of the Jinde Precision Sales Agreement).
After the completion of the Jinde Precision transaction, the company held 70.0% of the total issued share capital of the target company. As a result, the target companies, Jinde Precision Hong Kong and Jinde Precision Suzhou, have become non-wholly-owned subsidiaries of the company and must be consolidated in the company's financial statements.
Furthermore, the company's board of directors and the sole director of KIG Real Estate have been notified by Massive Force and KIG Real Estate that all prerequisites for the MF sale agreement have been fulfilled. The completion of the MF transaction was implemented on February 5, 2024, the date agreed in writing between Massive Force and KIG Real Estate (regardless of the terms of the MF sales agreement). KIG Real Estate has paid Massive Force a total price of HK$135 million for MF's shares to be sold (equivalent to HK$0.30 per MF share).
Following the completion of the MF transaction, KIG Real Estate and the people acting in concert with KiG became interested in 450 million shares, accounting for approximately 75.0% of the company's total issued share capital at the date of this joint announcement. Accordingly, in accordance with Rule 26.1 of the Takeovers Code, the Joint Stock Exchange will make a mandatory unconditional cash offer on behalf of KIG Real Estate for all issued shares (other than those shares that KIG Real Estate and KiG concerted actors already own or have agreed to acquire).