Mountain High Holdings increases its stake in Mountain High New Energy, with a premium to raise the entire purchase

Jinshi data news on November 27th, Shanggao Holdings (00412.HK) and Shanggao New Energy (01250.HK) jointly announced that Shanggao Holdings, as the offeror, acquired 13.52% equity of Shanggao New Energy from the seller, at a price of approximately HK$541 million, equivalent to HK$1.78 per share. Both stocks resumed trading in the afternoon. Following the completion, the offeror and its concerted parties increased their shareholding in Shanggao New Energy from 43.45% to 56.97% and will make a mandatory unconditional cash offer to acquire the remaining shares at a price of HK$1.78 per share in cash, representing a 7.23% premium to the pre-suspension price of HK$1.66 for Shanggao New Energy. The offeror has no intention to privatize Shanggao New Energy and intends to maintain its listing on the Stock Exchange after the offer and will take appropriate measures to ensure an adequate public shareholding of Shanggao New Energy.