Bossini has received a privatization proposal from Viva Goods, a subsidiary of Li Ning. Viva Goods announced that at a court meeting and special shareholder meeting held on Monday (Feb. 10), the privatization plan for Bossini was approved with overwhelming support-98.84% and 99.95% respectively. Bossini expects to end its over 30-year listing on March 17.
Today (Feb. 11) is its last trading day, with Bossini opening 2.7% higher before dropping 9% to HK$0.101, and currently trading at HK$0.11. Viva Goods opened 1.7% higher, currently at HK$0.54.
The privatization scheme involves canceling five shares of Bossini for each share of Viva Goods issued to participating shareholders. Viva Goods held a special shareholder meeting yesterday (Feb. 10), where it was resolved to issue shares representing about 2.47% of its enlarged issued share capital to participating shareholders and Bossini shareholders.
Evergrande stated that privatization is essential for Bossini's transformation, as it would reduce the costs and expenses associated with maintaining a listing, allowing the company to focus resources on the long-term development of its new brand, bossini.X. In recent years, Bossini has aimed to integrate cycling elements into its brand identity. The transformation requires significant investment and carries risks, making financial independence from the group more appropriate.
The group emphasized that Bossini is currently in a brand transformation phase. This privatization will reduce the costs of maintaining its listing, offering management greater flexibility in financial and operational management, thereby allowing for a concentrated effort on developing the new brand, bossini.X.
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