Hong Kong Aircraft Engineering (HAECO) will delist its shares from the Hong Kong stock exchange on 29 November, finalising the company’s takeover by Swire Pacific.
Shareholders will vote on the scheme of arrangement at a general meeting on 10 October and on a motion to seek approval from Hong Kong’s High Court.
Assuming both of those measures are passed, the last date for trading HAECO shares will be 19 November, with a hearing before the Court set for 28 November to approve the delisting.
Payment to shareholders will then commence from 10 December.
Under the proposal put forward in June, Swire will pay HK$72 ($9.20) per share for the remaining 41.6 million shares in HAECO held by minority investors via a scheme of arrangement. Swire already holds a 76% stake in the MRO provider.
HAECO has said that the takeover by Swire will help to consolidate its control over the company, and reduce administration costs.
Source: Cirium Dashboard