Michael Choo’s Post

Hong Kong billionaire Henry Cheng Kar Shun Chow Tai Fook Enterprises will be buying NWS Holdings for $4.5 billion to take the company private. 99.35% of NWD shareholders voting to approve the NWS Holdings sale. Read - https://lnkd.in/dTuifTFp follow Caproasia | Driving the future of Asia Hong Kong billionaire Henry Cheng Kar Shun Chow Tai Fook Enterprises will be buying NWS Holdings for $4.5 billion (HKD 35.5 billion) to take the company private, with 99.35% of NWD shareholders voting to approve the NWS Holdings sale.  The price represents a 14.5% premium over last closing price (Closing Price HKD7.99, Offer Price HKD 9.15, 27/6/23.  New World Development: “New World Development (“NWD,” “the Company,” Stock Code: 0017) announced that at its Extraordinary General Meeting (“EGM”) held today, its independent shareholders approved the resolution regarding the disposal of all NWD’s shares in NWS Holdings Limited (“NWS”) (the “Disposal”) and the related resolution in respect of the revision of annual caps of certain continuing connected transactions.  The Disposal was approved by approximately 99.35% of the votes cast.  Upon completion, the Disposal will provide NWD with cash proceeds of approximately HK$21,754.3 million, which will immediately strengthen the Company’s financial position. NWD will use a portion of the proceeds to pay a special dividend of approximately four billion Hong Kong dollars (equivalent to HKD1.59 per NWD share), allowing shareholders to immediately realize part of the value from their shareholdings in the company.  The Disposal is a continuation of NWD’s ongoing strategy to proactively explore corporate actions and strategic options to unlock shareholder value. It generates immediate value for shareholders, repositions the company around its property businesses, and supports its broader efforts to reduce leverage in the expectation of persistently high interest rates. This transaction will streamline NWD’s business and asset portfolio, bringing its future earnings and cash flow profile into greater alignment with its property businesses.”