Raymond places stock

Electrical appliances manufacturer Raymond Industrial says its controlling shareholders have placed 2.2 per cent of the company to an independent third party, ensuring 25 per cent of issued capital is in public hands.

The move came after minority shareholders approved the company's purchase of 63.35 per cent of Victory Will from Sichuan Investments Co.

Sichuan Investments is controlled by Raymond Industrial's major shareholders, including Wilson Wong Kin-lae, Philip Wong Kin-hang, Kennedy Wong Ying-ho and John Wong Ying-man.