On June 26 , Huaxin Cement announced that on March 27, 2023, Huaxin (Hong Kong) International Holdings Limited, a wholly-owned subsidiary, agreed on the terms of the share sale agreement. Transfer the right to receive the Subject Equity Interest to Abra Holdings Ltd. (Abra), a wholly owned subsidiary of the Purchaser registered in the Republic of Mauritius. The closing was completed on April 5, 2023, and the Company held 59.58% of the equity of the Target Company Oman Cement Company through its indirect wholly-owned subsidiary Abra, and the financial results of the Target Company were incorporated into the financial accounts of the Company.
On 25 June 2023, the offer period in connection with the tender offer to the remaining shareholders of the Target (pursuant to the Takeover Regulations of the Capital Markets Authority of the Sultanate of Oman) has expired and the remaining shareholders have accepted the sale of 5.08% of the issued shares of the Target to Abra; Abra will acquire the stake through the Muscat Stock Exchange on July 2, 2023.
Upon completion of the sale of the issued shares of the Target Company by the remaining shareholders to Abra, the Company will hold 64.66% of the issued shares of the Target Company through its indirect wholly-owned subsidiary Abra.
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