Proposed privatisation of HK's Guoco falls through

Companies that provide short-term consumer loans at high interest rates are on the increase in countries like Indonesia and the Philippines as many people struggle to get advances through traditional channels such as banks.

KUALA LUMPUR: The proposed privatisation of Hong Kong-listed Guoco Group Ltd by GuoLine Overseas Ltd has fallen through after failing to obtain the support of shareholders.

In a joint filing with the Hong Kong Stock Exchange on Thursday, GuoLine and Guoco announced that the proposed scheme arrangement for the privatisation had failed to receive 75% of the votes attaching to the scheme shares held by the independent scheme shareholders at the court meeting.

Subsequently, the proposal lapsed and would not be implemented, the filing said.