Intelligence Finance APP news, hang chi hldg (08405) and the offeror Hang Chi Development Investment Limited jointly announced that on October 24, 2024, the offeror requested the board of directors to propose matters to the planned shareholders to privatize the company through a scheme (i.e. an agreement arrangement under section 86 of the Companies Act), involving the cancellation and removal of the planned shares, and as consideration for the cancellation and removal of such shares, to pay the cancellation price in cash to the planned shareholders for each cancelled and removed planned share on the scheme record date, and at the same time issue and allot new shares to the offeror in the same number, subject to conditions, and cancel the listing status of the shares on the GEM of the Hong Kong Stock Exchange.

The cancellation price of HKD 0.70 per planned share is at a premium of approximately 14.75% compared to the closing price of HKD 0.61 per share on the Hong Kong Stock Exchange on October 24, 2024.

The company has applied to the Hong Kong Stock Exchange for the trading of shares to resume on the morning of November 6, 2024 on the Hong Kong Stock Exchange.