Landsea Green Management (HKG:0106) may sell up to 6,135,151 shares in Nasdaq-listed Landsea Homes Corporation, representing about 16.9% of the company's share capital, according to a Wednesday filing with the Hong Kong bourse.
The shares will be sold at market price but no lower than the minimum selling price of $5 per share, potentially raising around $31 million. The company anticipates a potential loss of approximately $82 million, based on the carrying value of the shares as of Dec. 31, 2024.
The sale must occur within 12 months following shareholder approval at a special general meeting.
Proceeds will be used for loan repayments and general working capital. A shareholder circular will be issued by April 30.
Upon completion of the disposal, Landsea Green indirect subsidiary Landsea Holdings will no longer hold any shares in Landsea Homes.
Landsea Green shares surged 40% in morning trade Thursday.
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