CKHH Aims to Deconsolidate Chi-Med and to Hold as a Strategic Investment for the Long Term
NEW YORK and LONDON, Sept. 30, 2019 /PRNewswire/ -- CK Hutchison Holdings Limited ("CKHH") announces its intention to sell approximately 1.3% of the total outstanding share capital in Hutchison China MediTech Limited ("Chi-Med") through an underwritten public offering, which would reduce its stake in Chi-Med from 51.1% to 49.9% (the "Offering").
CKHH also announces that upon completion of the Offering, it has no intention of selling additional Chi-Med shares for the foreseeable future.
Canning Fok, Group Co-Managing Director of CKHH, commented: "Upon completion of the Offering, we will have achieved our previously announced objective of reducing our shareholding in Chi-Med to below 50%, and this will enable CKHH to deconsolidate Chi-Med in the financial statements of CKHH."
CKHH plans to maintain its shareholding in Chi-Med as a strategic investment for the long term as it continues to strive to become a global biopharmaceutical company.
About CK Hutchison Holdings Limited
Listed on The Stock Exchange of Hong Kong Limited, CK Hutchison Holdings Limited (CK Hutchison) is a renowned multinational conglomerate committed to innovation and technology with businesses spanning the globe. With operations in over 50 countries and over 300,000 employees worldwide, CK Hutchison has five core businesses - ports and related services, retail, infrastructure, energy and telecommunications.
CK Hutchison reported turnover of approximately HKD453 billion (USD58 billion) and HKD217 billion (USD28 billion) for the year ended 31 December 2018 and for the six months ended 30 June 2019 respectively.
For more information, please visit www.ckh.com.hk
Information about the Offering
The Offering will be made pursuant to a shelf registration statement on Form F-3 filed by Chi-Med with the United States Securities and Exchange Commission ("SEC") that became automatically effective on April 3, 2017. A prospectus supplement related to the Offering will be filed with the SEC and available on the SEC website at www.sec.gov. Electronic copies of the prospectus supplement and the accompanying prospectus relating to the Offering may be obtained from BofA Securities, Inc., NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, North Carolina 28255-0001, Attention: Prospectus Department, or e-mail: firstname.lastname@example.org; or Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 866-471-2526; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 866-803-9204 or by email at email@example.com.
We refer you to the section headed "Important Notice" within the announcement released by Chi-Med today which contains additional important information about the Offering.
For further details, please contact:
CK Hutchison Holdings Limited