Hong Kong, 2017-Jul-31 — /EPR Retail News/ — Belle International Holdings Limited (“Belle International” or the “Company”) announces that its privatization by way of a Scheme of Arrangement (“the Proposal”) has officially taken effect on July 25, 2017 (Cayman Islands time).
The Proposal led by a consortium consisting of Hillhouse Capital Group (“Hillhouse”), CDH Investments (“CDH”) and Mr. YU Wu and Mr. SHENG Fang, Executive Directors of Belle International was approved by Belle International’s disinterested shareholders at the Company’s Court Meeting and Extraordinary General Meeting on July 17, 2017 and sanctioned by the Cayman Court on July 24, 2017.
Mr. SHENG Baijiao, CEO of Belle International said, “I’m delighted to see over 98% of shareholders vote in favor of the proposed privatization and express sincere gratitude for their continued support over the years. With the necessary resources from Hillhouse and CDH, accompanied by the new generation of management team, I hope the Company can implement the needed transformation and achieve sustainable growth in the long-term.”
“We are pleased to see shareholders’ agreement and recognition of the proposed privatization”, said Mr. ZHANG Lei, Founder and CEO of Hillhouse Capital. “We truly believe that our team is able to enact the technology- and innovation-driven transformation needed to help Belle International regain long-term competitiveness in a challenging retail market environment.”
A CDH representative commented, “We have been supporting the Company to overcome various headwinds over the years. We are excited to see that the Company’s shareholders agree and support the Consortium’s Proposal. We look forward to working with Hillhouse and the Company to implement the business transformation plan in the future.”
Post-privatization, Hillhouse holds 57.6% of the Company, while CDH holds 11.9% and other participating management, including Mr. YU and Mr. SHENG, holds 30.5%.
The withdrawal of Belle International’s shares on the Hong Kong Stock Exchange has become effective from 4 pm on 27 July, 2017. A cancellation consideration of HK$6.30 per share in cash will be paid to the Company’s shareholders by 3 August, 2017.
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Source: Belle International Holdings Limited