SEAPOWER International Holdings is selling down its Seabase International Holdings stake to allow a mainland foods group takeover for $382.75 million in one of the biggest back-door listing deals on the stock exchange this year.
On completion of the deal Seapower International, which holds 64 per cent of Seabase, will hold nine per cent and China National Cereals, Oils and Foodstuffs Import and Export Corp (CEROILFOOD) 55 per cent of Seabase, leaving the public with 36 per cent.The deal triggers a general offer.
Under the same complex series of deals, Seapower International has agreed to buy all outstanding debt and liabilities to a number of Seabase subsidiaries for $544.8 million.
Meanwhile, CEROILFOOD is injecting property assets and income-generating loan arrangements into Seabase for $130.9 million.
Operations with significant interests in Southseas Oils and Fats Industrial (Chiwan) and Southsea Oil and Fats (HK) are also being injected.
Seapower International will retain its control over listed Seapower Resources International through a 35.5 per cent holding.
In turn Seabase will hold 15.1 per cent of Seapower Resources. The remaining 49 per cent will be held by the public.
