Exchange to look at ASI holding
THE Hong Kong Stock Exchange will review Asia Securities International's (ASI) failure to boost its public holding to more than the required 25 per cent minimum following the expiry today of a two-month waiver.
The exchange granted the company a waiver from the rule which requires not less than 25 per cent of the issued share capital in the company be held by the public.
The waiver was granted for a period of two months from June 24, 1994, and will expire today.
Asia Securities said in an announcement that the stock exchange would review the situation and might consider further action, including the suspension of Asia Securities' shares if there was still less than 25 per cent in public hands at the end of the period.
Currently, Hong Kong China's subsidiary Wynwood, Asia Securities' immediate holding company, holds 295,761,380 shares, representing about 50.96 per cent of the issued share capital.
Property developer Chinachem Group's chairman, Nina Kung, and her associates together hold 149,826,817 shares, representing about 25.82 per cent.
As a result, there is about 23.22 per cent of the issued share capital in public hands.