The disposal represents approximately 0.25 per cent of issued share capital.
Hong Kong.- LET Group Holdings Ltd has reported that its controlling shareholder and parties acting with it have disposed 16.7m shares on the open market, representing approximately 0.25 per cent of the company’s issued share capital. LET Group said the move aimed to restore LET’s public float to the minimum 25 per cent required by the Hong Kong Stock Exchange.
The company stated: “After completion of the disposal, the shareholding of the offeror and parties acting in concert with it in LET has been reduced from 5,017,604,857 LET Shares to 5,000,904,857 LET Shares, representing a reduction from approximately 75.25 per cent to 75.00 per cent of the total issued share capital of LET as at the date of this announcement.”
It added, “25.00 per cent of the total issued share capital of LET, are held by the public upon completion of the Disposal, and the minimum public float of LET as required under Rule 8.08(1)(a) of the Listing Rules has been restored.”
Earlier this month, Major Success Group acquired 5.018bn shares – approximately 75.25 per cent of all issued shares. The company controlled by Andrew Lo Kai Bong, a former business associate of ex-Macau junket boss Alvin Chau Cheok Wa, paid HK$0.069 (US$0.00892) per share after making an original offer of HK$0.0029 per share.