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Sun Hung Kai & Co. announces agreement to sell remaining stake in Everbright Sun Hung Kai to Everbright Securities

·3-min read


EQS-News / 17/11/2020 / 17:43 UTC+8

[For immediate release]

17 November 2020, Hong Kong

 

Sun Hung Kai & Co. announces agreement to sell remaining stake in

Everbright Sun Hung Kai to Everbright Securities

 

Sun Hung Kai & Co. Limited (SEHK: 86) ("SHK", together with its subsidiaries, the "Group") announced today an agreement to complete the sale of Sun Hung Kai Financial Group Limited ("SHKFGL") to Everbright Securities Financial Holdings Limited ("EB"). The agreement was signed on 17 November 2020, and will see EB take ownership of the remaining 30% of the business through a consideration of HK$1.26 billion in cash and HK$1.16 billion of preference shares of SHKFGL that will be repurchased in three tranches over the coming three years.

This event marks the next step in a successful business transaction that allowed EB to acquire a leading brokerage and wealth management business in Hong Kong. Following the original agreement signed in 2015, EB acquired 70% of the Sun Hung Kai Financial business, which was rebranded as Everbright Sun Hung Kai ("EBSHK").

"We are very proud of the partnership we have had with Everbright over the past five years and wish them all the best as they take full ownership of the business going forward" said Group Executive Chairman Mr. Lee Seng Huang. "We're happy to have been part of this important step in facilitating the further opening of capital markets between Hong Kong and the mainland." On the Group's strategic direction, Mr. Lee added "The sale allows us to further focus on our lending and investing businesses, especially the upcoming launch of our Funds Management business."

- End -

 

 

 

 

 

 

About Sun Hung Kai & Co. Limited

Sun Hung Kai & Co. Limited (the "Company", together with its subsidiaries, the "Group") is a financing and investing firm headquartered in Hong Kong. Since its establishment in 1969, the Group has owned and operated market-leading businesses in financial services. Building on its rich heritage, experience and network, the Group aims to generate long-term capital growth for its shareholders through a diverse, yet complementary, portfolio of businesses and investments across multiple asset classes. It is the major shareholder of leading consumer finance firm United Asia Finance Limited, mortgage lender Sun Hung Kai Credit, and a substantial shareholder of Everbright Sun Hung Kai. The Group's Investment Management division invests across several asset classes including equites, credit, real assets, hedge funds, private equity funds, direct and co-investments, with total assets of approximately HK$14 billion, comprising strategies managed internally and by 3rd parties. As of 30 June 2020, the Group holds approximately  HK$43 billion in total assets.

 

For enquiries, please contact:

Joseph Fuqua, Head of Investor Relations

+852 3748 2823  joseph.fuqua@shkco.com

 

 



File: Sun Hung Kai & Co. announces agreement to sell remaining stake in Everbright Sun Hung Kai to Everbright Securities

17/11/2020 Dissemination of a Marketing Press Release, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

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