Yingmei Holdings Chairman Plans To Sell Up To 445 Million Shares

Yingmei Holdings (02028) said executive director and chairman Au Pak Yin, through his wholly owned Jiangyu Holdings Group, has informed the company that he has signed a placing agreement to sell at least 120 million shares and up to about 445 million shares, according to ETNet. The maximum stake represents about 51.85% of the company’s equity. The placing price will be no lower than HK$0.55 a share, a discount of up to 72.5% to Friday’s close of HK$2.005. If all 445 million shares are placed at the floor price, Au would raise about HK$240 million and would no longer hold any shares, ceasing to be a controlling shareholder. The placing agent has agreed to use best efforts to place the shares, and no placee may hold 30% or more of the group’s issued share capital after completion. The placing is expected to complete no later than September 25, and the company said it does not expect any impact on its business or operations.