China's Guangzhou Automobile Group Co. expects to start trading in Hong Kong on Aug. 30, according to a listing document posted on the Hong Kong stock exchange's website Friday.
Guangzhou Automobile said it will delist its 37.9%-owned Denway Motors Ltd. (0203.HK) on Aug. 25 if the offer to take the latter private is approved by Denway's shareholders.
Guangzhou Auto is offering Denway shareholders 0.474026 new Guangzhou Auto share for every Denway share it doesn't own to take the listed company private.
The company increased the offer by 25% earlier this month from its May 19 offer of 0.37861.
Separately, Guangzhou Automobile said it expects to post net profit of at least CNY3.76 billion for 2010, up from CNY2.03 billion the previous year. The 2010 net profit forecast was made based on the firm's current shareholding of 37.9% in Denway.
