After the closing of the market on Tuesday (May 20), SLB Development announced that the privatization offer made by the joint group consisting of the controlling shareholder Wang family has been approved by the majority shareholder. The company stat...
After the closing of the market on Tuesday (May 20), SLB Development announced that the privatization offer made by the joint group consisting of the controlling shareholder Wang family has been approved by the majority shareholder. The company statement said that Xinlianming Development is expected to be officially delisted and delisted around July 2.
The last trading day of Xinlianming Development is expected to be around June 12, and the transfer will be completed at 5 pm on June 17, and shareholders will receive a cash consideration of RMB 0.23 per share on June 27 or earlier.
At the Tuesday morning meeting, 99 independent shareholders of Xinlianming Development voted to agree to the privatization plan, accounting for 96.12% of the total number of shareholders present and voted, but four other independent shareholders opposed it, accounting for about 3.88%.
The acquisition offer was proposed by the Wang family in January this year. Previously, the Wang family had privatized Lian Beng Group in 2023. Lianming Group holds approximately 77.6% of the shares of Xinlianming Development. The share price of Xinlianming Development as of Tuesday was 0.23 yuan, a premium of about 36.09% compared with 0.169 yuan before the release of the privatization plan on January 24.
