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OneConnect Financial Technology Co., Ltd. (NYSE:OCFT) announced a delay in the dispatch of its scheme document related to a proposed privatization. The company, based in Shenzhen, Guangdong, disclosed the information in a filing with the U.S. Securities and Exchange Commission (SEC) on Thursday.
The delay pertains to a pre-conditional proposal for the privatization of the company by way of a scheme of arrangement under Section 86 of the Companies Act. This proposal also involves the potential withdrawal of OneConnect’s listing on the Stock Exchange of Hong Kong.
The announcement, part of a joint release on the Stock Exchange of Hong Kong, did not specify the reasons for the delay in the dispatch of the scheme document. The company assured stakeholders that further updates would be provided in due course.
OneConnect Financial Technology, a provider of technology solutions to financial institutions, is part of the Ping An Group and specializes in computer programming and data processing services.
This information is based on a press release statement filed with the SEC.
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