Hang Chi Holdings (08405.HK) announced on November 6 that on October 24, 2024, the offeror Hang Chi Development Investment Limited proposed privatizing Hang Chi Holdings Limited through a scheme arrangement (pursuant to Section 86 of the Companies Act). The plan involves cancellation and removal of planned shares, paying the cancellation price to the planned shareholders, and issuing the same number of new shares to the offeror. The cancellation price per planned share is HKD 0.70, at a premium of approximately 14.75% over the closing price of HKD 0.61 per share on the last trading day.

As of the announcement date, the company's authorized share capital is HKD 10 million, divided into 1 billion shares with a par value of HKD 0.01 per share, of which 0.4 billion shares have been issued. The planned shares (including approximately 0.105 billion shares) account for 26.17% of the total number of issued shares. The offeror does not hold any shares, while the offeror's concerted parties collectively hold approximately 0.295 billion shares, accounting for 73.83% of the total number of issued shares.

Based on the cancellation price of HKD 0.70 per planned share and the approximately 0.105 billion planned shares issued, the total value of the planned shares is approximately HKD 73.2802 million. The offeror plans to provide the full cash amount required for the proposed matter from internal cash resources. Upon the company's request, trading in shares on the Stock Exchange of Hong Kong will be suspended from 9 am on October 25, 2024, pending the publication of this joint announcement. The company has applied to the Stock Exchange of Hong Kong for trading in shares to resume from 9 am on November 6, 2024.