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Shareholders approve Hopewell privatization

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Shareholders approve Hopewell privatization

Hopewell Holdings Ltd. said the roughly HK$21.26 billion offer to privatize the company was approved by shareholders at two March 21 meetings.

About 96.27% of the voting rights of disinterested shareholders were for the proposal at the court meeting and about 97.87% of voting shares approved the special resolution at an extraordinary general meeting. Petrus HK Co. Ltd. needed at least 75% of the votes cast in order for the deal to push through.

The takeover still needs the High Court of Hong Kong to sanction the scheme for it to become effective. If the approval, along with the fulfillment of all other conditions to the proposal, will be secured, the bid will have a May 2 effective date and Hopewell will delist from the Hong Kong stock exchange May 3.

The developer expects the last trading day of its shares on the bourse to be April 17.

Petrus HK's HK$38.80-per-share cash offer for Hopewell was announced in December 2018.