DJ EQS-News: Sun Hung Kai & Co. announces agreement to sell remaining stake in Everbright Sun Hung Kai to Everbright Securities
EQS-News / 17/11/2020 / 17:43 UTC+8
[For immediate release]
17 November 2020, Hong Kong
Sun Hung Kai & Co. announces agreement to sell remaining stake in
Everbright Sun Hung Kai to Everbright Securities
Sun Hung Kai & Co. Limited (SEHK: 86) ("SHK", together with its
subsidiaries, the "Group") announced today an agreement to complete the sale
of Sun Hung Kai Financial Group Limited ("SHKFGL") to Everbright Securities
Financial Holdings Limited ("EB"). The agreement was signed on 17 November
2020, and will see EB take ownership of the remaining 30% of the business
through a consideration of HK$1.26 billion in cash and HK$1.16 billion of
preference shares of SHKFGL that will be repurchased in three tranches over
the coming three years.
This event marks the next step in a successful business transaction that
allowed EB to acquire a leading brokerage and wealth management business in
Hong Kong. Following the original agreement signed in 2015, EB acquired 70%
of the Sun Hung Kai Financial business, which was rebranded as Everbright
Sun Hung Kai ("EBSHK").
"We are very proud of the partnership we have had with Everbright over the
past five years and wish them all the best as they take full ownership of
the business going forward" said Group Executive Chairman Mr. Lee Seng
Huang. "We're happy to have been part of this important step in facilitating
the further opening of capital markets between Hong Kong and the mainland."
On the Group's strategic direction, Mr. Lee added "The sale allows us to
further focus on our lending and investing businesses, especially the
upcoming launch of our Funds Management business."
- End -
About Sun Hung Kai & Co. Limited
Sun Hung Kai & Co. Limited (the "Company", together with its subsidiaries,
the "Group") is a financing and investing firm headquartered in Hong Kong.
Since its establishment in 1969, the Group has owned and operated
market-leading businesses in financial services. Building on its rich
heritage, experience and network, the Group aims to generate long-term
capital growth for its shareholders through a diverse, yet complementary,
portfolio of businesses and investments across multiple asset classes. It is
the major shareholder of leading consumer finance firm United Asia Finance
Limited, mortgage lender Sun Hung Kai Credit, and a substantial shareholder
of Everbright Sun Hung Kai. The Group's Investment Management division
invests across several asset classes including equites, credit, real assets,
hedge funds, private equity funds, direct and co-investments, with total
assets of approximately HK$14 billion, comprising strategies managed
internally and by 3rd parties. As of 30 June 2020, the Group holds
approximately HK$43 billion in total assets.
For enquiries, please contact:
Joseph Fuqua, Head of Investor Relations
+852 3748 2823 joseph.fuqua@shkco.com
File: Sun Hung Kai & Co. announces agreement to sell remaining stake in
Everbright Sun Hung Kai to Everbright Securities [1]
17/11/2020 Dissemination of a Marketing Press Release, transmitted by EQS
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(END) Dow Jones Newswires
November 17, 2020 04:43 ET (09:43 GMT)
