Haier Smart Home and Haier Electric Group jointly announced the proposed privatization of Haier Electric Group by way of an issuance of new H Shares to be listed on the Hong Kong Stock Exchange
HONG KONG, Jul 31, 2020 - (JCN Newswire) - Haier Smart Home Co., Ltd. (600690.SH / 690D.DE, "HSH" or "the Company") and Haier Electric Group Co., Ltd. (1169.HK, "HEG") jointly announced that HSH has formally requested HEG to put forward a proposal ("Privatisation Proposal") to the holders of HEG Shares (other than HSH and any of its wholly-owned subsidiaries) ("Scheme Shares" and holders of which are "Scheme Shareholders") for the privatisation of HEG by way of a scheme of arrangement subject to the satisfaction of certain pre-conditions. Under the Privatisation Proposal, holder of each Scheme Share will receive 1.60 new H Shares from HSH and cash payment of HK$1.95 (the "Cash Payment") from HEG when the Privatisation Proposal becomes effective. As part of the Proposed Privatisation, HSH will make an application for listing of the newly-issued H Shares by way of introduction ("Introduction") on the Hong Kon