Everbright in $459m Silver Grant purchase
Mainland-controlled China Everbright Holdings has paid $459.3 million in cash and shareholder loans for an effective 11.9 per cent stake in Silver Grant International Industries, its first big link-up with another large mainland-controlled company.
Silver Grant last night said the deal would facilitate future investment co-operation, although there were no concrete plans at present.
It said China Everbright Financial Holdings, a China Everbright subsidiary, would pay for a 24.69 per cent stake in a holding company, Join Truth, which had a 43.24 per cent stake in Silver Grant.
This means China Everbright will indirectly own about 11.9 per cent attributable equity interest in Silver Grant.
Join Truth would then pay $436.8 million for new shares from Silver Grant, which would take its majority stake in the company to 48.2 per cent.
In a related deal, Silver Grant will pay $159.3 million for an office property in Admiralty owned by China Everbright Financial Holdings.
