China Travel International to spin off Hong Kong and Macau Culture and Tourism, listing set for Nov 26

China Travel International Investment Hong Kong (0308) said in a Tuesday filing that it is expected to submit the listing document for the proposed spin-off of Hong Kong and Macao Culture and Tourism and is scheduled to debut on November 26.

Investors can subscribe to shares of Hong Kong and Macau Culture and Tourism in board lots of 500.

China Travel International Investment Hong Kong also noted that the spin-off will be carried out by way of introduction and remains subject to approval by the HKEX and the passing of the relevant resolution at an extraordinary general meeting of shareholders.

Hong Kong and Macau Culture and Tourism was incorporated in the Cayman Islands on September 12 last year, and its businesses include passenger transport, hotel operations, and travel documents and related services.

China Travel International Investment Hong Kong also said its board approved and declared a distribution to qualifying shareholders on Monday, under which qualifying shareholders will receive one Hong Kong and Macau Culture and Tourism share for every four China Travel International shares held.

Shareholders holding China Travel International shares through the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect will also be eligible to receive the distribution. As of October 23, China Securities Depository and Clearing Corporation held 301.8 million China Travel International Investment Hong Kong shares, accounting for 5.44 percent of total issued shares.
 

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