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Shares of China Strategic Holdings, part of the consortium buying AIG's Taiwan life insurance group for $2.15 billion, soared more than 80 percent on Tuesday after disclosing key financing
and staffing details.
The company, with a market capitalisation of $111 million at the time of the Nan Shan agreement, said in a stock exchange filing that China Strategic and its share placing agent entered into an agreement on Monday related to the convertible bond associated with the acquisition.
The stock surged more than 86 percent to HK$0.69 on Tuesday.
Roughly $1.2 billion of the Nan Shan purchase price will be financed by the net proceeds from the convertible note and share placing, the company said.
About $640 million will be financed using a portion of debt financing, while the remaining $301 million will be paid by the newly launched financial group, Primus Financial, founded by Citigroup's former top investment banker, Robert Morse.
When the deal closes, China Strategic will own about 80 percent of Nan Shan, and Primus will own the rest.
China Strategic also said lenders have given a commitment letter and a term sheet to Primus to provide the debt financing.
The Hong Kong listed company also said in the disclosure that it had hired Frederick Ma, Hong Kong's former Secretary for Financial Services and the Treasury. Ma will serve as non-executive director and chairman of the company.
In addition, China Strategic hired Raymond Or, former chief executive and vice-chairman of Hang Seng Bank Ltd, who will serve as executive director, chief executive officer and vice chairman of the company.
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