Moscan Developments (NWS Holdings) to acquire 26.32% stake in Chinese Future Corp. (Hangzhou Ring Road) - MarketLine Financial Deals

Moscan Developments (NWS Holdings) to acquire 26.32% stake in Chinese Future Corp. (Hangzhou Ring Road)

Moscan Developments (NWS Holdings) to acquire 26.32% stake in Chinese Future Corp. (Hangzhou Ring Road) - MarketLine Financial Deals
Moscan Developments (NWS Holdings) to acquire 26.32% stake in Chinese Future Corp. (Hangzhou Ring Road)
Published Sep 09, 2011
2 pages — Published Sep 09, 2011
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Abstract:

Moscan Developments Limited, a British Virgin Islands-based wholly-owned subsidiary of Hong Kong-based diversified company NWS Holdings Limited, has entered into a sale and purchase agreement with The Childrens Investment Master Fund (TCI) to acquire approximately 26.32% of the total issued shares in Chinese Future Corporation (CFC) for a purchase price of $280 million.

CFC is a Cayman Islands-based toll road and infrastructure projects holding company, which owns 95% indirect equity interest in Hangzhou Ring Road (HZRR).

Upon completion, NWS Holdings effective interest in HZRR, when aggregated with the acquisition of approximately 21.55% and approximately 12.11% as announced by it on June 14, 2011 and July 27, 2011 respectively, will increase from approximately 33.66% to approximately 58.66%. Accordingly, CFC will become a subsidiary of NWS Holdings.

After completion of the sale and purchase agreement with TCI, NWS Holdings, through Moscan, is entitled to proceed with the acquisition of a further 65% interest in Widefaith Group Limited, which represents 31.5% effective interest in HZRR, within a period of three months according to a call and put option arrangement with Kaiming Holdings Limited, an existing shareholder of Widefaith. In the event that NWS Holdings exercises the option, it will ultimately hold approximately 90.16% effective interest in HZRR.

  
Source:
Document ID
MA87202_111115
Country
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Ticker
0659=HK
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MLA:
MarketLine Financial Deals. "Moscan Developments (NWS Holdings) to acquire 26.32% stake in Chinese Future Corp. (Hangzhou Ring Road)" Sep 09, 2011. Alacra Store. Dec 05, 2016. <http://www.alacrastore.com/storecontent/MarketLine-Financial-Deals/Moscan-Developments-NWS-Holdings-to-acquire-26-32-stake-in-Chinese-Future-Corp-Hangzhou-Ring-Road-2052-72749>
  
APA:
MarketLine Financial Deals. (2011). Moscan Developments (NWS Holdings) to acquire 26.32% stake in Chinese Future Corp. (Hangzhou Ring Road) Sep 09, 2011. New York, NY: Alacra Store. Retrieved Dec 05, 2016 from <http://www.alacrastore.com/storecontent/MarketLine-Financial-Deals/Moscan-Developments-NWS-Holdings-to-acquire-26-32-stake-in-Chinese-Future-Corp-Hangzhou-Ring-Road-2052-72749>
  
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