Update | Synergis shares tumble 14 pct after deal with Emperor Holdings called off

Shares in property management group Synergis Holdings dropped as much as 14 per cent in early trading after a proposed acquisition by Albert Yeung’s Emperor International Holdings was called off.

No reason was given for the cessation of negotiations, announced via an exchange filing, sending the stock to a three month intra-day low of HK$1.28 per share.

Under the original proposal, Emperor would buy the 72.05 per cent stake in Synergis held by controlling shareholders Hsin Chong Construction and related holding companies.

Shares in Synergis, which reported HK$34.4 million in profits and HK$ 1.7 billion in revenue for 2013, rose over 30 per cent when the proposal was first made public. The shares have since dropped back down.

The company manages residential and commercial properties in Hong Kong and mainland China and was last year accused by angry residents of colluding with contractors to inflate renovation costs in a bid rigging scandal at Garden Vista, Shatin, charges the company denied at the time.