kcrc-and-mtrc-move-a-step-closer-to-merger

KCRC and MTRC move a step closer to merger

KCRC seeks consent from its bondholders for the proposed merger, while MTRC waits for shareholder approval.
Kowloon-Canton Railway Corporation KCRC began the process of seeking consent from its bondholders in Hong Kong on Monday for the proposed merger with MTR Corporation. KCRC has retained HSBC to act as its sole solicitation agent.

KCRC wants to amend certain terms and conditions of the companyÆs outstanding bond issues, including event of default, provision and consolidation clauses. Consenting KCRC bondholders will receive a one-time payment of 0.25% per nominal of the principal.

MTRC, meanwhile, is awaiting approval for the merger from its minority shareholders.

The merger process began in 2004, when the Government of Hong Kong invited both companies to begin discussions about a possible amalgamation. In 2006, it signed a non-binding agreement...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222