16 August, 2016
Stephenson Harwood has advised Steed Oriental (Holdings) Company Limited (Stock Code: 8277) (“Steed Oriental”) in respect of its disposal of 56.98% equity interest at the value of HK$190,638,604.51.
Mr. Huang Dong Sheng, Ms. Wong Sut Keng and Ms. Wong Hang Kuen, the controlling shareholders of Steed Oriental (the “Controlling Shareholders”) entered into a Sale and Purchase Agreement with Ms. Sun Xue Song and Mr. Xue Zhao Qiang (the “Joint Offerors”) pursuant to which the Joint Offerors agreed to acquire a total of 114,154,853 shares from the Controlling Shareholders, representing approximately in aggregate 56.98% equity interest in Steed Oriental at HK$1.67 per acquired share.
Steed Oriental is a listed company on the GEM Board of The Stock Exchange of Hong Kong Limited. As a result of the transaction, the Joint Offerors collectively held rights in Steed Oriental of 50% or more, therefore incurring an obligation to make an unconditional mandatory offer under the Codes on Takeovers and Mergers for all the issued shares of Steed Oriental.
Corporate partner Eugene Lai led the transaction and assisted by senior associate Ivy Wong and associate Annie Mak.
