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China Wah Yan resumes trading, to buy Xinhua News Media in HK$251.7M deal

China Wah Yan Healthcare Ltd. resumed trading on the Hong Kong Stock Exchange after disclosing a unit's plan to acquire Xinhua News Media Holdings Ltd. in a deal valued at HK$251.7 million.

The company plans to issue 4 new shares in exchange for every Xinhua News Media share and 1 new share for cancellation of every 100 Xinhua News Media options. The deal value represents a premium of about 2.22% from Xinhua News Media's Dec. 2 closing price of 18 Hong Kong cents per share.

China Wah Yan noted that the maximum number of shares to be issued represents about 83.90% of its existing outstanding share capital and about 45.62% of the enlarged issued share capital following the deal.

Xinhua News Media, which operates in the medical waste treatment, cleaning and broadcasting businesses, is expected to remain listed on the Hong Kong Stock Exchange.

China Wah Yan resumed stock trading at 9 a.m. Hong Kong time on Dec. 9 after requesting a trading halt Dec. 5 in anticipation of an announcement in relation to a potentially very substantial acquisition.