HONG KONG (Reuters) - Retail-focused conglomerate China Resources Enterprise (CRE) said on Tuesday it will sell all its non-retail assets, including financial investments, to controlling shareholder China Resources (Holdings) Co for HK$28 billion ($3.6 billion).
The deal, part of an internal strategy and ownership shakeup, would be settled through HK$13.58 billion in cash with the balance to be paid by way of promissory notes, CRE said in a statement. The company's core operations range from beverages, including beer, to supermarket chains.
Shares of CRE set to open up 58 percent.
Proceeds from the sale will be returned to shareholders, with CRE declaring a special cash dividend of HK$11.50 per share, it said in the filing to the Hong Kong bourse. CRE is 51.78 percent-owned by China Resources (Holdings).
In the filing, CRE also said a unit of its parent will make a voluntary offer, partially in cash, to acquire up to 242.14 million shares of CRE. That's equal to about 10 percent of CRE's issued share capital.
At HK$12.70 per share, the offer is worth HK$3.08 billion in total. CRE said it will maintain a listing on the stock exchange.
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Trading in shares of CRE had been halted since April 8, pending the release of a statement on new company strategy.
(Reporting by Donny Kwok; Editing by Kenneth Maxwell)