Contel Technology (01912.HK): Completes Subscription and Placing; Offeror's Stake Rises to 58.81%, Triggering Mandatory Unconditional Cash Offer

NewTimeSpace News: Contel Technology Company Limited (stock code: 1912) and Zhuangyan Investment International Limited (the Offeror) issued a joint announcement that all conditions precedent to the subscription and placing were satisfied on 29 July 2026, and both transactions were completed simultaneously.

According to the announcement, immediately following completion, the Offeror, its ultimate beneficial owner, and any of their concert parties are interested in 271,230,595 shares, representing 58.81% of the enlarged share capital. Mr. Lin Qiang's interest through P. Grand (BVI) Ltd. was diluted from 50.29% to 14.37%; Ms. Feng Tao's interest through Kingtech (BVI) Ltd. was diluted from 6.37% to 1.82%; placing subscribers (independent third parties) hold 58,205,000 shares (12.62%); and other public shareholders hold 57,099,638 shares (12.38%).

Pursuant to Rule 26.1 of the Takeovers Code, the Offeror is required to make an unconditional mandatory cash offer for all issued shares not already owned or agreed to be acquired. The composite document containing offer details, the Independent Board Committee's recommendation, and the independent financial adviser's opinion is expected to be despatched on or before 5 August 2026.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.