Appleby's Hong Kong office acted as Bermuda counsel to Zhuhai Holdings Investment Group Limited (Zhuhai) in relation to its privatization by Longway Services Group Limited (Longway) by way of a Bermuda court sanctioned scheme of arrangement. The Scheme provides that each Scheme Shareholder is entitled to receive the cancellation price of HKD3.06 in cash for each Scheme Share cancelled, totalling an aggregated payment close to HKD1.7 billion.
The team was led by Partner Chris Cheng with assistance from Legal Manager Kaile Yang.
Zhuhai was listed on the Hong Kong Stock Exchange and is principally engaged in the ferry services industry, the hotel, tourist attraction and property development industry and the public utilities and financial investments industry.
Longway, the offeror, intends not to introduce any major changes to Zhuhai's existing business including the employment of the employees of the group.
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