Zhejiang Expressway Receives Shanghai Bourse Nod for Zhejiang Oceanking Development Merger Plan
Zhejiang Expressway (HKG:0576) said the Shanghai Stock Exchange approved its plan to acquire Zhejiang Oceanking Development (SHA:603213), a producer of chloralkali-related products, via a merger, according to a Hong Kong bourse filing Friday.Shares of the road construction company gained over 1% in morning trade Monday.The merger will be effected by way of a share swap, whereby Zhejiang Expressway will issue 1.08 of an A share for every 1 A share of Oceanking Development.Oceanking shareholders can also opt for a cash payment.Zhejiang Expressway will issue A shares at 13.50 yuan apiece, and the conversion price of Oceanking Development is 14.58 yuan per share, the firm previously said.Both Zhejiang Expressway and Zhejiang Oceanking count state-owned Zhejiang Communications Investment Group as their controlling shareholder.
