COASTAL GL plans to receive a full acquisition offer for the S2800 trust, resuming trading on October 20
COASTAL GL announced that the seller Coastal International Holdings Limited and the offeror Tao Qian Limited plan to sign a sale and purchase agreement by the end of October 2025 to sell 153,126,197 shares, accounting for 36.93% of the company's issued share capital. The company has applied to resume trading of its shares on October 20, 2025. According to the takeover code, upon completion, the offeror must make a mandatory conditional cash offer for all securities of the company
According to the news from Zhitong Finance APP, COASTAL GL (01124) announced that on September 22, 2025, the seller, Coastal International Holdings Limited, informed that it and the offeror, Tao Qian Limited (as the buyer), intend to enter into a sale and purchase agreement by the end of October 2025, under which the seller plans to sell shares (a total of 153,126,197 shares, accounting for approximately 36.93% of the total issued share capital of the company as of the date of this announcement) and sale loans to the offeror. The company has learned that as of the date of this announcement, the offeror is still conducting due diligence on the company, and therefore, both parties have not yet entered into a formal sale and purchase agreement. The company has applied to the Stock Exchange for the resumption of trading of its shares from 9:00 AM on October 20, 2025.
According to Rule 26.1 of the Takeovers Code, upon completion, the offeror must make a mandatory conditional cash offer for all issued securities of the company (excluding those already owned or agreed to be acquired by the offeror and its concert parties).
It is reported that the seller is a limited company registered in the British Virgin Islands, with (a) executive director Jiang Ming holding approximately 59.14%; (b) Tian Di Investment Limited (a limited company registered in Hong Kong, wholly owned by Jiang Ming) holding approximately 21.42%; (c) the company's company secretary Zheng Rongbo holding approximately 5.38%; (d) Shun Fu Development Limited (a limited company registered in the British Virgin Islands, wholly owned by Wang Hongmei) holding approximately 5.38%; (e) Tao Linsheng holding approximately 5.38%; and (f) executive director Lin Zhenxin holding approximately 3.30%.
The offeror is an investment holding company that has not commenced business operations. The offeror is wholly owned by a trust, namely S2800 Trust. The trustee is Shengfeng Global Trust Limited. As of the date of this announcement, the trust's property grantor and sole beneficiary is Le Shi Limited, which is wholly owned by Mr. Lam Tin Kin
