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Hongkong Chinese extends regulatory approval date for Macau Chinese Bank deal

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Hongkong Chinese extends regulatory approval date for Macau Chinese Bank deal

Hongkong Chinese Ltd., Nam Yue (Group) Co. Ltd. and an individual investor agreed to extend the date for obtaining approval of the Monetary Authority of Macau for the proposed sale of a 31% stake in Macau Chinese Bank Ltd. to June 30, 2017.

As part of the deal, Hongkong Chinese unit Winwise Holdings Ltd. is selling an additional 31% stake in Macau Chinese Bank for 279 million Macau patacas. The companies had previously planned to obtain approval from the Monetary Authority of Macau by Dec. 31.

All other terms and conditions of the deal remain unchanged, according to a Dec. 28 release.

As of Dec. 28, US$1 was equivalent to 7.99 Macau patacas.