CCT Land 0261

CCT Land 0261

Postby winston » Wed Dec 23, 2015 7:06 am

not vested

CCT Land soars with big deal in the pipeline

Shares of CCT Land Holdings (0261) soared 70 percent yesterday to a five- month high after it revealed a state- linked firm will invest HK$1.2 billion in the company to become its controlling shareholder.

The property developer and seller of telecommunications products has inked a memorandum with Xinxing Pipes, a subsidiary of Xinxing Ductile Iron Pipe.

The HK$1.2 billion that Xinxing Pipes intends to put in is for subscribing to new shares and in the process becoming controlling shareholder, CCT Land chairman Clement Mak Shiu-tong said.

Shenzhen-listed Xinxing Ductile is the world's largest maker of flexible pipes and gratings in terms of production scale. It is owned by Xinxing Cathay Group, one of the six state-owned enterprises selected this year to launch pilot reforms.

Shares of CCT Land ended at 3.4 HK cents yesterday, up 1.4 cents or 70 percent. That was the highest since July 2006.

And CCT stakeholder CCT Fortis Holdings (0138), also chaired by Mak, also saw its shares go higher up 30.26 percent at 99 cents.

The transaction is still subject to the approval of independent shareholders and regulators.

Source: The Standard
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