Shanghai-listed ZZEP is 72.18 per cent owned by state-owned energy production and investment vehicle Zhejiang Provincial Energy Group.
Holding the remaining 44.81 per cent of ZJE shares are three institutional investors, ZJE directors and public shareholders, according to ZZEP's Shanghai bourse filing. This means the SPV will be required to make a mandatory unconditional cash offer for the rest of the 44.81 per cent of ZJE shares, under Singapore's takeover and merger rules.The offer price is at a 44.1 per cent premium over the last transacted price of ZJE shares on Oct 9.
However, the offeror's board retains the flexibility at any time to consider any options which may present themselves, said the offeror's financial adviser China International Capital Corporation .But if the company loses its free float at the offer's close and trading in the shares is suspended, the SPV has no intention to undertake any action to lift the suspension and maintain ZJE's listing status.
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