Asia
SMC Electric's Controlling Shareholder Disposes Of 70% Stake
SMC Electric (HKG:2381) said controlling shareholder Shell Electric Holdings completed the sale of 1.4 billion, or 70%, shares in the company to Mega Nova Holdings for HK$154 million.Following completion, the seller holds 100 million, or 5%, shares in the electrical products manufacturer, according to a Tuesday bourse filing.CLSA will make a cash offer, on behalf of Mega Nova, which now holds a 70% interest, for all the issued shares of the company. The composite document will be dispatched to shareholders by Sept. 15.The parties had first entered into the sale agreement in July.
HKG:2381
