Scientific equipment supplier Techcomp (Holdings) said it will undergo a reorganisation, following agreements to sell 61.6 per cent of the company's shares to Baodi International Investment Company.
Upon completion, mainboard-listed Techcomp will be split into two parts: the remaining group and the privateco group.
The remaining group will be controlled by Baodi; the privateco group will be majority controlled by Mr Lo Yat Keung, Techcomp's president, executive director and controlling shareholder, who, together with his spouse, owns 40.8 per cent of Techcomp shares.
The privateco group will cease to be a subsidiary of Techcomp. But Techcomp said Baodi intends to maintain the business listing - apart from the privateco group - in both Singapore and Hong Kong.
Baodi will make a mandatory cash offer of HK$3.267 per share to current shareholders, acquire all the issued shares as part of the Hong Kong Exchange's Takeovers Code.
Circle Brown - a company directly and wholly owned by Mr Lo - has offered 84 HK cents a share in cash to shareholders, as privateco is "not a listed security and will have less liquidity than listed securities".
The combined result of both offers will provide an opportunity for shareholders to realise their investment in the company at a combined price of up to HK$4.107 a share, if they opt to accept both offers by Baodi and Circle Brown.
Mapletree Greater China Commercial Trust's (MGCCT) distribution income in its fourth quarter ended March 31 dipped 1.7 per cent to $53.8 million from the year-ago period.
This came as distribution per unit slipped to 1.904 cents from 1.959 cents.
MGCCT also announced that starting from its first quarter ending June 30, it will make distributions on a quarterly basis. It will make its final semi-annual distribution for the period between Oct 1 and March 31 before starting with the quarterly distributions.
Net property income in the fourth quarter fell 6 per cent to $72.9 million from the preceding year, while gross revenue slipped 5.5 per cent to $89.5 million. One reason was a reversal in the value-added tax (VAT) payable in the year-ago period. The VAT regime for the Chinese real estate industry was implemented on May 1, 2016. The group had assumed a higher VAT rate for the Gateway Plaza office with a retail podium in Beijing from the first to third quarters of the previous financial year, until it obtained clarification in March 2017 of the applicable VAT rate from the local authorities.