Asia Cement Corporation (Asia Cement), a Taiwan-headquartered cement company listed on the Taiwan Stock Exchange, will privatize its Hong Kong-listed cement business subsidiary based in mainland China, Asia Cement (China) Holdings Corporation (Asia Cement (China) Holdings).
Under the privatization proposal, the scheme shares will be cancelled for a price of HK$3.22 in cash per share, valuing the transaction at approximately HK$1.63 billion ($209 million).
The completion of the transaction is subject to, among others, regulatory approval in Taiwan, approval by the Grant Court of the Cayman Islands and shareholders’ approval of Asia Cement (China) Holdings. Upon the scheme of arrangement becoming effective, Asia Cement (China) Holdings will apply for the withdrawal of the listing of its shares on the Hong Kong Stock Exchange.
S&C is advising UBS, the financial adviser to Asia Cement with respect to the privatization proposal of Asia Cement (China) Holdings. The S&C team is led by Gwen Wong and includes Rosana Tse and Bebe Shing.