WO Kee Hong (Holdings) says it has reached conditional agreement to acquire Wo Kee Hong Building at Castle Peak through a share capital reorganisation with Stoneycroft Estates.
Wo Kee Hong will acquire all the shares in Stoneycroft Estates for $323 million, of which $113 million will be paid in cash and $209.9 million by issuing 135.5 million new shares at $1.55 a share.
The reorganisation will result in Stoneycroft shareholders Lee Wing-sum, Yue Kam-har, Yu Hon-sang, Yu Hon-ming, Yu Hong-yeung and Yu Hon-ling, owning 100 per cent of the non-voting deferred shares and Wo Kee Hong owning all the ordinary shares of Stoneycroft.
Wo Kee Hong will be granted the right to acquire all the non-voting deferred assets from the holders of the shares.
Mr Lee is the chairman of Wo Kee Hong Holdings.
Peregrine Capital has been appointed as the independent financial adviser.