Wanhui Chemical (01561) announced that chairman Yuan Shuhua and CEO of GAO Zelin etc., has sold 450 million shares to Timenew Limited Offeror for a total consideration of 900 million yuan, which constitutes 75% of the issued share capital of the company, the equivalent of the consideration per share . It's 2 yuan.
The bidder made a full offer at the same price, which was 2.33 yuan higher than the closing price before the suspension, and the discount was about 14.2%. The total cash consideration for the bid is 300 million yuan.
Timenew Limited is 51% and 49% owned by Li Xiaoru and Li Zhongyuan respectively and will maintain the status of the company's registration.
The stock will resume tomorrow.