Proxy advisory firms back New World’s deal to sell NWS to family

Independent proxy advisory firms ISS and Glass Lewis recommend New World Development’s shareholders to vote for the disposal of NWS Holdings to Chow Tai Fook enterprises at the Nov.2 meeting. 

The proposal disposal is expected to provide “significant amount of cash flow for the group to improve its financial position” and allow “the group to restructure the business of the group and allocate their resources toward other primary activities in line with their business strategy,” said ISS. 

ISS also said the share offer price is fair. 

Glass Lewis said it doesn’t find any significant cause for shareholder concern. 

(Bloomberg)