Aeren International (00684) said its public float stood at 24.04% as of the announcement date, still below the 25% minimum required under the listing rules.
The company said it had explored the possibility of certain connected persons selling shares to restore the public float, but discussions faced major obstacles because shareholders have their own investment plans and the company cannot control the timing, scale or method of any disposals, according to ETNet. It also noted that if connected persons sell shares, existing major shareholders or their associates may take up the stock, which would not materially improve the public float.
Aeren International said it is actively considering other options to achieve the target in a more cost-effective way. Despite repeated efforts, it has not restored the public float within the original timetable, citing factors including continued share accumulation in the open market by some shareholders, reluctance by approached major shareholders to reduce holdings, and the costs associated with adopting a share scheme. The company said it needs additional time and has extended the deadline for restoring the public float by another six months from the date of this announcement, to March 2027.