21 August 2019

Hengtian plans buyout of Jingwei Textile H shares, filing says

Jingwei Textile Machinery Co. Ltd. (000666.CN, 0350.HK) said in a regulatory filing Thursday that its major shareholder, the state-owned China Hengtian Group Co. Ltd., has made a tender offer to buy all of its H shares at a price of HK$7.891 (US$1.01) per share. The offer price is about 30 percent higher than the stock’s latest closing price of HK$6.07 in December. After the deal, which is estimated to cost about HK$1.43 billion, Hengtian’s overall ownership of Jingwei Textile will rise to 59.51 percent from 33.83 percent and the latter will delist from the Hong Kong stock exchange. Meanwhile, Hengtian has no plans to make a tender offer for Jingwei Textile’s A shares, according to the filing.

– Contact HKEJ at [email protected]



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