The removal from the Hong Kong Stock Exchange of the shares of Macau casino investor Kingston Financial Group Ltd may take place from 9am on February 27, assuming a so-called scheme of arrangement has been sanctioned by a Bermuda court by Wednesday (February 22) this week.
Kingston Financial gave the update in a Monday filing. The group has interests in Casino Grandview in Taipa, and Casino Casa Real, on the city’s peninsula, both satellite operations under SJM Holdings Ltd’s casino concession. The two properties are among those Macau satellites that for the time being will offer gaming under the new concession system that started on January 1.
In October, Kingston Financial’s controlling shareholder proposed taking the firm private, offering to investors HKD0.30 (US$0.03824) per share. Trading in the shares of Kingston Financial was suspended on February 10.
According to Monday’s filing, the latest date to despatch cheques for payment of the cancellation price to the scheme shareholders is on or before Friday, March 3.
The offeror is Active Dynamic Ltd, a British Virgin Islands company wholly-owned by Pollyanna Chu Yuet Wah, the chief executive and co-founder of Kingston Financial. She is also controlling shareholder of Kingston Financial, with a stake of just above 74.6 percent in the company, according to previous filings.
Ms Chu is acting in concert with other shareholders, controlling in aggregate a nearly 74.93-percent stake in Kingston Financial.
