Lai See
Farewell then, Shanghai Tang
Shanghai Tang, a store adored by many, will be moving from its present location at the bottom of the Pedder Building in Central. Where it will go is unclear, but the incoming tenant will be the US casual wear retailer Abercrombie & Fitch. The chain is planning to open a store which may take up as many as five to six floors of the building. It's not clear how much it will pay for the location, though the figure of HK$7 million is doing the rounds.
'There is a clear trend of mid-tier retailers coming to Hong Kong to showcase their brands to the China market,' according to Sasha Shagzhina, a manager with Connectedsearch. Other big brands coming here include the British group Next, which is returning after an absence of some years, and will open in Festival Walk. The US clothing chain American Eagle Outfitters is planning to open a store in Harbour City.
Shareholders thwart OMH listing
The ongoing saga of ASX-listed manganese miner OM Holdings and its efforts to secure a second listing in Hong Kong took an interesting turn yesterday at its AGM in Singapore. A motion to change the company's by-laws to permit a second listing in Hong Kong did not receive the required 75 per cent of the votes needed, throwing the Hong Kong listing plan into disarray.
The company says it will take legal advice on how the vote affects the listing. However, since another proposal to list in Hong Kong was approved by a majority of shareholders, the firm says it intends to proceed with its application, though it doesn't seem to have applied to the exchange yet. This is despite a pending court case brought by one of its biggest shareholders, Gennady Bogolyubov, the chairman of Australian miner Consmin, which owns 11.35 per cent of OMH. He has been granted a court hearing in Australia on May 13 at which he intends to overturn the proposal to list in Hong Kong, which will be accompanied by a 68 per cent rise in the number of shares - resulting in a significant dilution of shareholders.
The ownership of some 40 per cent of the shares is unclear. There is speculation it is held by mainland interests. 'There is clearly a significant body of shareholders that share Consmin's views that the proposals being put to the meeting were not in the best interests of OMH,' Bogolyubov said in a statement, adding that he intended to call a meeting to bring about changes to the board's composition. We're expecting more blood on the floor before this saga is settled.
Hard to swallow
Oh to have been a fly on the wall during yesterday's dinner for the Souluniq elite dining club, treated to a meal prepared by Carolyn Robb (pictured), the former executive chef to the British royal family. The club is an exclusive Guangdong-based affair comprising tycoons, entrepreneurs and businessmen, so the press statement from Sun Hung Kai Properties tells us. Guests were treated to a 'Dinner Royale Menu', though we aren't told the details, except that they were also served with Robb's 'chocolate fridge' cake, made according to her secret recipe. This was apparently a favourite of Prince William, who according to SHKP has requested one for his wedding cake.
For those who are interested, the secret recipe can be found on various websites and includes butter, golden syrup, cocoa powder, drinking chocolate powder, crushed biscuits, figs and nuts.
It is not known if she opted for the chopped up Mars or Twix bars which can be used instead of the nuts. This feast for a king, or at least an English one, was served up in the palatial surroundings of SHKP's New Town Plaza, Sha Tin.
Mo Ling Ling who organises 'luxury yet exceptional experiences' for the club apparently said, intriguingly, the dinner compared favourably with a trip to the South Pole last year. The statement was also refreshingly frank in explaining the event's purpose. 'New Town Plaza expects that the royal treat offer will attract mainland tourist's spending in the coming holidays.' A royal wedding dinner with Chinese characteristics?
