May 29, 2017 / 3:30 PM / 6 months ago

BRIEF-China Metal International proposes privatization of company by United Elite Agents

May 29 (Reuters) - China Metal International Holdings Inc

* Announces proposed privatization of co by united elite agents ltd by way of a scheme of arrangement

* Amount of cash required to satisfy consideration payable for cancellation of scheme shares would be about hk$680.7 million

* China metal international holdings says an independent committee has been formed to recommend whether terms of proposal are “fair and reasonable”

* Scheme of arrangement involves reduction of issued share capital of co by cancellation of scheme shares

* An application has been made for resumption of trading of shares on stock exchange with effect from 9:00 a.m. On may 31

* Says offer of cancellation price of hk$3.01 in cash for each share

* On assumption that outstanding share options were to be exercised before scheme record date,consideration for cancellation of scheme shares would be hk$696 million

* Will apply to stock exchange for withdrawal of listing of shares following scheme becoming effective Source text for Eikon: Further company coverage:

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