CHINA Everbright Holdings, a Hong Kong-based company under the control of China's State Council, is seeking a back-door listing in Singapore through a buy-out bid of HTP Holdings. It is reported that Everbright has already made an offer for HTP through its wholly owned subsidiary, Jakeplan Holdings. Jakeplan entered into a purchase agreement with Singapore stockbrokers Tsang and Ong to buy 18 million HTP shares at S$0.95 each (about HK$4.58), according to an announcement last week. After the acquisition, Jakeplan's holding of HTP shares will increase to 43 million, representing 26.6 per cent of HTP's issued and paid-up capital. Everbright will have to pay S$136 million if it succeeds in buying the remaining 73.4 per cent of HTP. Under the Singapore takeover and mergers code, Jakeplan has passed the 25 per cent trigger-point and the company has to make an offer to the rest of the shareholders. The offer is conditional on Jakeplan obtaining more than 50 per cent of HTP's voting power. HTP's sole operation is Universal Homes Limited, a building firm specialising in low-cost housing in New Zealand. HTP Holdings was incorporated in Singapore in March 1981 and was previously called Hotel Tai Pan Limited. The company is a subsidiary of Jack Chia MPN Limited, but the ultimate holding company is Jack Chia (Hong Kong). HTP was listed on the Singapore stock exchange in August 1981 and all its hotel operations were sold for S$123 million in May 1989. DBS Bank has been appointed as Jakeplan's financial adviser in the takeover deal. China Everbright was established in Hong Kong in August 1983 under the direction of China's State Council.
