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Notably, Mr. Doo Wai-hoi, William, a son-in-law of Cheng Yu-tung, chairman of New World Development Company Limited (SEHK: 0017), is the actual controller of Stellar Megaunion.
Through a firm under his aegis, William holds 25.84% of 413 million Stellar Megaunion shares, its total capital stock. After the upcoming regroup is over, his holding will be driven up to 46.32%.
Stellar Megaunion plans to issue shares worth CNY 4.74 billion to CNY 5.53 billion at a price of CNY 3.00 to CNY 3.50 apiece. In return, it will obtain all the assets, evaluated at CNY 6.9 billion, in two real estate subsidiaries of Nanjing Fullshare.
With the completion of the regroup, the Shanghai-listed company will shift its focus onto the development and marketing of real estate, and the development and operation of commercial realty.
Source: www.hexun.com (October 27, 2009)
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