Mainland property developer China Vanke announced on Tuesday it had signed a letter of intent to issue new shares to an unnamed investor in exchange for some of its assets, though it did not disclose the assets to be sold or number of shares to be issued, The Wall Street Journal reported, citing a filing to the Hong Kong Stock Exchange. The move follows a December 21 announcement that Vanke would disclose a restructuring and issuance plan by Jan 18 in a move widely viewed as a way to rebuff a potential takeover by Baoneng Group, whose 24.3% stake has made it the company’s largest shareholder.
Categories