bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

SCMP Reporter

Red chip Cosco Pacific says it is planning to revise the terms for its 20 per cent stake in the Liu Chong Hing Bank (LCH Bank).

 No reason was given for the decision but it is believed to be linked to the bank's plummeting share price.

 The company said it had begun negotiations with Liu Chong Hing Investment (LCH Investment) and LCH Bank on the existing terms of the share subscription.

 'The proposed revised terms have, so far, not been finalised,' it said.

 It agreed to acquire 67 million shares of LCH Bank from the bank's majority shareholder, LCH Estate, and the Liu family at $23.88 a share in September.

 The share price of LCH Bank has fallen more than 56 per cent to close last Friday at $10.35.

 This means Cosco Pacific has to pay $906 million more than the market price if the acquisition price remains unchanged.

 LCH Investment and LCH Bank said Cosco Pacific had requested the completion date be extended.

 The two companies said terms of the revised placing and subscription had not changed.

 They said all conditions of placing had been satisfied by November 8 and completion was required on the seventh business day after conditions were fulfilled - November 18, 1997.

 Cosco Pacific's shares gained 17 per cent, or $1.15, on Friday to close at $7.90 on news it might successfully revise the acquisition price to match its share price.



Cosco hopes to improve price terms of LCH stake