On Jan. 28 Bank of East Asia announced plans to buy back and cancel the 8.43% of its shares held by Elliott Investment Management.
At a maximum price of HK$11.78 per share, representing a 7.24% discount to their Friday close, the deal will cost the bank up to HK$2.9 billion . Elliott first disclosed it held a stake in the bank, of 2.5% at the time, in February 2015. Since then BEA’s shares have fallen 60% compared with a 2% fall in the Hang Seng Composite Financials index.A Star Ferry boat crosses Victoria Harbour in front of a skyline of buildings during sunset, as a meeting on national security legislation takes place in Hong Kong, China June 29, 2020.
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