Advertisement
Mergers & Acquisitions
BusinessBanking & Finance

Mystery buyer attempts to acquire major Convoy shareholder’s stake ahead of crucial vote, court ruling

  • AGBA Acquisition, a Hong Kong-headquartered company listed on Nasdaq, is attempting to acquire the shares of Convoy’s second-largest shareholder, Kwok Hui-kwan
  • The potential deal comes just a week ahead of a crucial vote as Kwok seeks to take control of the financial firm

Reading Time:2 minutes
Why you can trust SCMP
0
AGBA Acquisition, a Hong Kong-headquartered company, is attempting to acquire the second-largest shareholder Kwok Hui-kwan’s entire 29.91 per cent stake in Convoy Global Holdings. Photo: Bloomberg
Enoch Yiu

A mysterious Nasdaq-listed company is trying to buy shares from a major shareholder of Convoy Global Holdings ahead of a crucial vote next week, adding a new twist to the lengthy power struggle between its owners.

AGBA Acquisition, a Hong Kong-headquartered company founded in 2018 which was listed in Nasdaq in May last year, is attempting to acquire second-largest shareholder Kwok Hui-kwan’s entire 29.91 per cent stake in Convoy Global Holdings, according to two sources.

The deal is still in the initial stages of discussion, and there is no confirmation it will go ahead and bids have not been offered, the sources said, adding that the buyer would like to see Kwok cancel all lawsuits against the company.

The acquisition attempt comes just one week ahead of a crucial vote by Convoy’s shareholders on November 26 to determine if they accept Kwok’s request to remove the entire 12-member board and replace it with six candidates, including former Secretary for Financial Services and the Treasury Frederick Ma Si-hang and lawmaker Abraham Shek Lai-him, according to a company announcement.
A major Convoy shareholder wants to bring Frederick Ma Si-hang, former Secretary for Financial Services and the Treasury, on to the company board. Photo: K. Y. Cheng
A major Convoy shareholder wants to bring Frederick Ma Si-hang, former Secretary for Financial Services and the Treasury, on to the company board. Photo: K. Y. Cheng

Neither Convoy nor Kwok’s representative would comment on the deal. Two sources close to Kwok said there were no formal bids.

The Post called AGBA Acquisition’s telephone number listed in its US regulatory filings, but it was not a working number. A message sent to its chief executive, Gordon Lee, did not elicit an immediate reply. The company has no website while its postal address is an office building in Tsim Sha Tsui.

Advertisement