Shareholders of Hao Tian International Construction Investment Group (HKG:1341) and its controlling shareholder Aceso Life Science (HKG:0474) will meet March 18 to vote on a proposed share placement by the former, a Tuesday filing with the Hong Kong bourse said.
Hao Tian International Construction, in October, had agreed to place 1,524,224,000 shares to at least six placees to raise around HK$600 million.
Assuming full completion, Aceso Life Science's stake in Hao Tian International Construction will be diluted from roughly 29.05% to 24.2%.
The dilution will constitute a deemed disposal since Hao Tian International Construction Investment will no longer be considered a unit of Aceso Life Science and the financial results of the former will no longer be consolidated in the financial statements of the latter.
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