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New World Development closes offer to take China unit private

on April 5 closed its offer to take NewWorld China Land Ltd., or NWCL, private, and added that it expectsto delist the unit'sshares on The Stock Exchange of Hong Kong Ltd. by early August.

Asof 4 p.m., local time, on the same day, New World Development recorded validacceptances for 2,688,518,264 offer shares under the share offer, representing approximately98.65% of the offer shares and approximately 30.89% of the issued share capitaland voting rights of NWCL. Valid acceptances for the option offer, meanwhile,represented the entire outstanding NWCL options, or 24,924,173 NWCL options.

Subsequently,New World Development plans to acquire the shares it does not already own inNWCL for HK$7.80 per offer share.

Onthe other hand, NWCL has applied to the Hong Kong bourse for a tradingsuspension of its shares, effective from 9 a.m., local time, on April 6 up tothe date of delisting from the stock market.

In aseparate filing, NWCL informed holders of the 3.00 billion-Chinese-yuan 5.50%bonds due 2018 and US$900.0 million 5.375% notes due 2019 that the bonds willcontinue to be listed and traded on the Hong Kong stock market, despite thescheduled delisting of the company.

Thecompany previously saidit will continue to meet its obligations to holders of the notes, regardless ofwhether or not the company will remain listed on the Hong Kong bourse.

As of April 5, US$1 wasequivalent to 6.47 Chinese yuan.