Partial takeover of Airwork Holdings by China's Zhejiang Rifa unconditional

A partial takeover of Airwork Holdings by Chinese group Zhejiang Rifa Holding Group has been declared unconditional and Rifa must now pay accepting shareholders within seven days.

The $5.40 per share offer for 75 percent of the Auckland-based aircraft services business, which came after Rifa entered into a takeover lock-up deed with major shareholders last October, closed earlier this month. Rifa had received 94.7 percent shareholder acceptances, meaning scaling will occur.

The offer was conditional on several matters, including Chinese regulatory approvals, consent being granted under the Overseas Investment Act 2005 and confirmation that Airwork's operations under its relevant aviation regulatory licenses will be able to continue unaffected by the offer. At the time of the offer, Rifa said its aim was to grow Airwork's presence in emerging markets such as in Asia and Latin America.

Airworks shares last traded at $5 and have gained 20 percent over the past year.