CMB AND CHAO BID FOR WAH KWONG SHARES
Compagnie Maritime Belge and Hong Kong businessman George Chao are bidding to buy remaining public shares in Hong Kong bulk shipping company Wah Kwong.
Bocimar, a subsidiary of Antwerp-based CMB, previously owned 27 percent of Wah Kwong. Chao, who is also the president of Wah Kwong, had 15 percent of the company’s shares.
The two parties have launched a public offer of 58 percent of the shares at a price of HK$5.65 per share.
Two major shareholders, the Gaw family (owning 23 percent) and the Lee family (with 10 percent of the shares), have already given an irrevocable undertaking to accept the offer.
CMB and Chao intend to delist Wah Kwong from both the Hong Kong and London stock exchanges.