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HANS ENERGY (00554.HK) Adds Stake in Parent of Citybus to 70%, Involving $2.722B
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HANS ENERGY (00554.HK) announced that it has acquired about 54.44% of the total issued BTHL shares from TWB Holdings and ABL, at a consideration of $2.722 billion. Upon Completion, HANS ENERGY's stake in BTHL will rise from 15.56% to 70%. BTHL is the parent of Citybus. Of the transaction consideration, $222 million (approx. 8.16%) will be satisfied by the consideration shares. HANS ENERGY will issue 279 million consideration shares to TWB Holdings, which is equivalent to around 6.59% of the enlarged share capital, and the issue price of $0.7961 represents a premium of about 99% over yesterday's (23 May) closing price. The principal subsidiary of BTHL is Citybus, which is principally engaged in the provision of public bus and travel-related services in Hong Kong. Citybus has a bus fleet of over 1,700 registered buses operating over 200 franchised bus routes. HANS ENERGY said the increase of stake in BTHL was in line with its diversification and expansion strategy, and it was optimistic about the prospects of Citybus. AAStocks Financial News |
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