Sino Haijing to dispose of entire 24.6% stake in Yong Tai for RM117.7m

KUALA LUMPUR (May 16): Hong Kong-listed Sino Haijing Holdings Ltd is disposing of its entire 24.6% stake in property developer Yong Tai Bhd for RM117.7 million.

The buyer is another Hong Kong listed company, Co-Prosperity Holdings Ltd.

In a filing with Bursa Malaysia today, Yong Tai said Sino Haijing's wholly-owned subsidiary, Impression Culture Asia Ltd, is selling the stake comprising 105 million shares to Co-Prosperity's unit Full Winning Developments Ltd.

It added that the completion of the sale is conditional upon fulfilment of all necessary consents, licences and approvals required to be obtained.

Sino Haijing emerged as a substantial shareholder of Yong Tai in February 2016 after investing RM120 million to buy 150 million new shares, representing 34.5% of the enlarged issued and paid-up share capital of Yong Tai, at an issue price of 80 sen a share.

Yong Tai shares closed unchanged at RM1.53 yesterday, with 1.16 million shares traded, for a market capitalisation of RM666.55 million. Year to date, the counter has risen 21%. — theedgemarkets.com

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