-- FAR International (HKG:2516) completed the first stage of its acquisition of COPE and Hyperlining, according to a Tuesday Hong Kong bourse filing.
Shares of the logistics company were down over 9% in Wednesday afternoon trade.
The company paid total consideration of about $15.8 million, including a $2 million capital injection to subscribe for new shares in COPE, the filing showed.
Following completion, FAR International holds an effective 51% interest in both COPE and Hyperlining, including a 6.45% direct stake in COPE via its wholly owned subsidiary.
COPE and Hyperlining have become subsidiaries, with their financial results, assets, and liabilities to be consolidated.
Under the agreement, the company may acquire an additional 14% and 15% stakes in each target in 2026 and 2027, respectively, subject to performance targets, and will acquire the remaining interests by 2029.