Future Land Development Holdings Ltd. shareholders shot down Wealth Zone Hong Kong Investments Ltd.'s offer to take the company private.
According to a joint release from the company and its controlling shareholder, the proposal did not meet the requisite shareholder vote at the court meeting held Oct. 17. As a result, the company will not proceed with the privatization plan and its shares will remain listed and maintained.
The company has applied for the resumption of trading of its shares on the Hong Kong bourse effective Oct. 18. Trading was halted Oct. 17 pending the announcement of results from the meeting.
Wealth Zone Hong Kong Investments offered to buy 1,552,550,000 shares, or 27.44% of the target's entire shareholding on issue, for HK$3.30 apiece, totaling HK$5.12 billion.