Lushang Group, controlling shareholder of Silver Plaza Group (SHSE: 600858), spent CNY 250 million buying additional 5% shares in the listed company.
Silver Plaza announced today that it received a tender offer from Lushang that planned to acquire not more than 26.0033 million shares or a 5% stake in the former from all tradable shareholders except the buyer and its affiliated companies at CNY 9.8 a share.
The tender offer period is 30 days starting from May 27, 2013. All the capital to acquire the stake is self-owned funds of Lushang.
The move will lift the holding held by Lushang in Silver Plaza to 34.82% from 29.82%.
Source:
http://www.sinocast.com/readbeatarticle.do?id=94462
