Hong Kong-listed Guolian Securities has signed an equity transfer agreement to acquire 33.3% stake in Hua Ying Securities from RBS for RMB354m ($52m).
Guolian, which presently owns a 66.7% stake in Chinese securities joint venture Hua Ying, will pay for the deal in cash from its owned funds.
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The deal has already secured the nod of the board and is now subject to approval by the regulatory authority of China. Post deal completion, Hua Ying will become a wholly-owned subsidiary of Guolian.
“The independent non-executive Directors have confirmed that the terms of the Acquisition are fair and reasonable and the Acquisition is on normal commercial terms or better and in the interests of the Company and its shareholders as a whole, the Acquisition is subject to the reporting and announcement requirements, and is exempt from the circular, independent financial advice and independent shareholders’ approval requirements under Chapter 14A of the Listing Rules,” Guolian said in a statement.
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