SUN HUNG KAI SEEKS FLOAT RULE EXEMPTION
Financial services group Sun Hung Kai is seeking a temporary exemption from maintaining its public float at the mandatory 25 per cent until it completes a repurchase offer. The company said yesterday that its public float stood at 20.34 per cent as of November 21. It said it had applied to Hong Kong Exchanges and Clearing for a temporary waiver from November 23 until January 24, two days following the closure of the repurchase offer. The public float problem came as the company made a repurchase general offer on November 12.