KUALA LUMPUR: The proposed privatisation of Hong Kong-listed Gouco 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.

“The scheme was not approved at the court meeting and it cannot be put into effect and hence has lapsed,” the public announcement by Guoco on the stock exchange said.

GuoLine, a unit of Hong Leong Co (M) Bhd, has a 73% majority stake in Guoco. On June 29, 2018, it had proposed the scheme arrangement in a bid to take Guoco private and de-list it from the stock exchange.

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