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China Resources Microelectronics may go private

By Wang Xing (chinadaily.com.cn)
Updated: 2009-02-26 18:44

China Resources Microelectronics Limited, the Hong Kong-listed semiconductor company, is likely to be delisted as its controlling shareholder is considering taking it private.

China Resources Microelectronics said in a statement that its parent company China Resources (Holdings) had filed a proposal to take the firm private to its shareholders. The company will be delisted from the Hong Kong bourse provided that the proposal gets the green light, according to the announcement.

China Resources plans to buy back China Resources Microelectronics shares at HK$ 0.3 apiece, given that the proposal gets the go-ahead. Presently, China Recourses and other firms it controls, possess 60.65 percent in the listed company.