Oceanwide Holdings Officially Takes Over Hutchison Harbour Ring

Friday, 19 December 2014, 19:31 HKT/SGT

HONG KONG, Dec 19, 2014 - (ACN Newswire) - Oceanwide Holdings Co., Ltd. ("Oceanwide Holdings" or the "Company", stock code on the Shenzhen Stock Exchange: 000046.SZ), a leading domestic private enterprise and conglomerate listed company integrated with real estate development, finance and strategic investments in the PRC, recently completed the acquisition of Hutchison Harbour Ring Limited ("Hutchison Harbour Ring", stock code: 715.HK), through Oceanwide Holdings International Co., Ltd., ("Oceanwide Holdings International") an overseas indirect subsidiary of the Company. The offers of Oceanwide Holdings International and Hutchison Harbour Ring were closed at 4:00 p.m. on 18 December 2014, Oceanwide Holdings International received valid acceptance in respect of a total of 19,732,895 shares of Hutchison Harbour Ring, representing approximately 0.22% of the entire issued share capital of Hutchison Harbour Ring, there has been no acceptance received in respect of the option offer. On 19 December 2014, Hutchison Harbour Ring announces that all the existing members of the board of directors are resigned and all new members of the board of directors will be appointed by Oceanwide Holdings International.

The offers closed at 4:00 p.m. on 18 December 2014, Oceanwide Holdings International, as the offeror, received valid acceptance in respect of a total of 19,732,895 shares pursuant to the share offer, representing approximately 0.22% of the entire issued share capital of Hutchison Harbour Ring, there has been no acceptance received in respect of the option offer. Upon the close of the offers, Oceanwide Holdings International and parties acting in concert with it are interested in, hold, control or direct an aggregate of 6,419,461,847 shares, representing approximately 71.58% of the entire issued share capital of Hutchison Harbour Ring.

The board of directors of Hutchison Harbour Ring announced in the next day that all the existing directors were resigned on 19 December 2014 and all the new members of the board of directors will comprise directors of Oceanwide Holdings International. Besides, Mr Han Xiaosheng has been appointed as chairman of the board of directors and chief executive officer of Hutchison Harbour Ring; Mr Qin Dingguo and Mr Zheng Dong have been appointed as deputy chairman of the board of directors of Hutchison Harbour Ring; Mr Wu Chen and Mr Zhang Keming have been appointed as deputy chief executive officers of Hutchison Harbour Ring; and Mr Liu Guosheng has been appointed as the chief financial officer of Hutchison Harbour Ring. The principal place of business and the website of Hutchison Harbour Ring have changed accordingly. After the completion of the acquisition of Hutchison Harbour Ring, the new board of directors of Hutchison Harbour Ring officially takes over this Hong Kong listed company and its subsidiaries.

Oceanwide Holdings, as the first batch of real estate enterprises listed in the Mainland China, was listed on the Shenzhen Stock Exchange in 1994. In terms of market capitalization, as at 18 December 2014, Oceanwide Holdings ranks top four among listed A-share real estate companies and top two among listed private real estate enterprises. Oceanwide Holdings has made frequent moves to start its overseas business layout since last year. In addition to the start of project development in Los Angeles in the United States at the end of last year, Oceanwide Holdings successfully issued an overseas 5-year senior notes denominated in USD in September 2014, the scale of which increased to US$320 million on the date of pricing. The acquisition of Hutchison Harbour Ring facilitates Oceanwide Holdings to establish an overseas investment and financing platform, make better use of international capital market and promote sustainable development in the future.

Topic: Press release summary Sectors: Daily Finance
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