Construction and investment company ITC's independent shareholders yesterday gave the green light for it to proceed with its proposal to acquire the remaining shares of its 42.59 per cent-owned subsidiary Paul Y-ITC Construction Holdings.
At yesterday's special general meeting, about 200 million shares were in favour of the proposal and about 250,000 against.
The result clears the way for the parent to take the first step in its acquisition plan.
Under the plan, ITC will make an offer to buy the remaining shares at 30 HK cents a piece.
The offer price represents a deep 89 per cent discount to the subsidiary's net asset value.
Yesterday's approval also means there is no need for Charles Chan Kwok-keung - chairman and ultimate controlling shareholder of ITC and Paul Y - to take ITC's place in offering to buy shares from Paul Y's minority shareholders himself.
