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Troubled firm lifts 33pc on overhaul

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Debt-troubled property developer Burlingame International saw its share price soar 33.7 per cent to 20.6 cents after it announced a debt-restructuring plan.

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The proposal could see two investors become major shareholders.

One potential investor, He Xuechu, is a trader, property developer and industrial investor. He is a former deputy general manager of China Resources (Holdings), parent of locally-listed China Resources Enterprise.

The two investors are considered parties acting in concert under the Stock Exchange of Hong Kong's code on takeovers and mergers.

They would hold more than 35 per cent of Burlingame after the restructuring.

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They would apply for an exemption from having to make a mandatory general offer to acquire Burlingame shares they do not hold as required under the code.

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