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Hopewell meets conditions for HK$9.87B sale of Chinese highway biz

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Hopewell meets conditions for HK$9.87B sale of Chinese highway biz

Hopewell Holdings Ltd. said it expects to complete the approximately HK$9.87 billion divestment of a roughly 66.69% interest in its Chinese highway business to Shenzhen Investment International Capital Holdings Infrastructure on April 4, having fulfilled all the disposal conditions detailed in the agreement.

After the deal's closing, the financial adviser of Shenzhen Investment, CLSA Ltd., will propose a mandatory general offer to buy all the remaining Hopewell shares that it does not own for HK$4.80 apiece.

The Hong Kong-based Hopewell Holdings' unit, Anber Investments Ltd., contracted the sale of 2,055,287,337 shares of the subsidiary Hopewell Highway Infrastructure Ltd. with Shenzhen Investment, expecting to register net gains of approximately HK$4.92 billion from the trade, according to an earlier release.