China Hainan Rubber to acquire 36.0% stake at Halcyon Agri for US$180m

The China-based company will purchase a total of 574.2 million shares.

China Hainan Rubber has entered a conditional purchase agreement with Sinochem International (Overseas) Pte. Ltd. (Sinochem) to acquire 574,204,299 ordinary shares at Halcyon Agri Corporation Limited (HAC).

The total number of shares being acquired by the Shanghai Stock Exchange-listed company is equivalent to 36.0% of the issued and paid-up share capital of HAC.

In a bourse filing, HAC said its shares are being acquired for US$180.87m or US$0.315 for each sale share.

The offer price is 50.3% above the last translated price of HAC shares on 11 November and 73.3% higher than the volume-weighted average price (VWAP) of the HAC shares for one month.

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