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2009-1-16 10:02:00 a.m. HKT, XFNA
HK-listed Kai Yuan to buy steel business in China for 5.2 bln hkd; shares soar
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| HONG KONG (XFN-ASIA) - Kai Yuan Holdings Ltd, a heat energy supplier and property investor, said it will acquire Fame Risen Development Ltd for 5.2 bln hkd.
Fame Risen manufactures and trades steel products in China.
Kai Yuan will pay for the purchase by issuing 2 bln new shares at 2.6 hkd per share, a premium of 1,020.69 pct to its last closing price of 0.232 hkd per share.
At 9:59 am, Kai Yuan was up 0.138 hkd or 59.5 pct at 0.37.
(1 usd = 7.8hk)
george.ng@xfn.com |
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