Orient Securities Secures Shanghai SASAC Approval for Shanghai Securities Acquisition
Orient Securities (SHA:603958, HKG:03958) has received approval from the Shanghai State-owned Assets Supervision and Administration Commission (SASAC) to acquire a 100% equity interest in Shanghai Securities, according to a Friday filing to the Hong Kong stock exchange.In late July, the company agreed to acquire a 100% stake in Shanghai Securities for 25.12 billion yuan in a cash-and-shares deal.The consideration will be settled by issuing 2.29 billion new Orient Securities A-shares at 10.29 yuan each, or 23.6 billion yuan in total, to all vendors, including Bailian Group (SHA:600827), Shanghai Chengtou (SHA:600649), and two state-owned entities under Shanghai SASAC: SIG & SIG Investment.A cash payment of 1.57 billion yuan will be made specifically to Guotai Haitong (SHA:601211, HKG:02611), which is selling its 24.99% stake.
