China Travel International plans spin-off listing for Hong Kong and Macau Culture and Tourism on Nov 26
China Travel International Investment Hong Kong plans to spin off its Hong Kong and Macau Culture and Tourism unit, with a listing expected on 26 November. The spin-off is subject to HKEX approval and a shareholder vote, with qualifying shareholders receiving one new share for every four held.
China Travel International Investment Hong Kong (0308) said in a Tuesday filing that it expects to submit the listing document for the proposed spin-off of Hong Kong and Macau Culture and Tourism, with a debut scheduled for 26 November.
Investors can subscribe to shares of the new entity in board lots of 500. The spin-off will be carried out by way of introduction and remains subject to approval by the Hong Kong Stock Exchange (HKEX) and the passing of the relevant resolution at an extraordinary general meeting of shareholders.
Hong Kong and Macau Culture and Tourism was incorporated in the Cayman Islands on 12 September last year. Its businesses include passenger transport, hotel operations, and travel documents and related services.
China Travel International Investment Hong Kong also said its board approved and declared a distribution to qualifying shareholders on Monday, under which qualifying shareholders will receive one Hong Kong and Macau Culture and Tourism share for every four China Travel International shares held.
Shareholders holding China Travel International shares through the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect will also be eligible to receive the distribution. As of 23 October, China Securities Depository and Clearing Corporation held 301.8 million China Travel International Investment Hong Kong shares, accounting for 5.44 per cent of total issued shares.