HK Stock Market Move | CGII Holdings (01940) rose over 6%, with the offeror proposing a full cash offer at HK$0.626 per share.

CGII Holdings (01940) resumed trading today with a low opening and then rose, currently up over 6%. As of the time of writing, it is up 6.33% at 1.68 Hong Kong dollars, with a trading volume of 177.32 million Hong Kong dollars, and a daily volatility of nearly 38%. On the news front, on the evening of March 13, CGII Holdings announced that one of its original controlling shareholders, China Gas Investors, has sold 39.01% of the company's share capital to an independent third party, Tianjin Tangde (the offeror), involving 468 million shares at a total price of 30.1 million US dollars. After the completion of the transaction, the offeror and its concerted parties will hold a total of 39.01% of the shares, and are required to make a mandatory general offer at a cash price of 0.626 Hong Kong dollars per share, representing a discount of 60.38% compared to the pre-suspension closing price. After the deadline, the offeror intends to maintain the company's listed status.