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J&T EXPRESS-W/ SF HOLDING Reach Strategic Cross-shareholding Agreement Worth $8.3B
Recommend 8 Positive 11 Negative 3 |
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SF HOLDING (06936.HK) and J&T EXPRESS-W (01519.HK) jointly announced the signing of a strategic cross-shareholding agreement, where both parties will issue new shares to each other, involving a transaction amount of approx. $8.3 billion. Pursuant to the agreement, SF HOLDING will issue 226 million H-shares to J&T EXPRESS-W at an issue price of $36.74 per share, representing a premium of approx. 3.9% over SF HOLDING's closing price yesterday (14th), involving nearly $8.3 billion. Meanwhile, J&T EXPRESS-W will issue nearly 822 million Class B Shares to SF HOLDING at an issue price of $10.1 per share, representing a discount of 13.97% from the closing price of its Class B Shares yesterday, also involving nearly $8.3 billion. The J&T Subscription and the SF Subscription are inter-conditional with each other, and Closing of both subscriptions shall occur simultaneously on the Closing Date. Upon completion of the transaction, SF HOLDINGF will hold a 10% stake in J&T EXPRESS-W, while J&T EXPRESS-W will hold a 4.29% stake in SF HOLDING. Both parties stated that this cooperation aims to leverage their respective resource advantages to jointly build a more extensive, efficient and resilient global integrated logistics network. AASTOCKS Financial News Website: www.aastocks.com |
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