Tung Fong Hung shares sold
TUNG Fong Hung, the Chinese medicine company at the centre of a takeover bid by Grandpoint Profits, has said that Grandpoint sold shares totalling 6.1 per cent of the company on the market, leaving Grandpoint with 48.46 per cent.
In October, Grandpoint, which previously owned 3.55 per cent of Tung Fong Hung, bought 31.6 per cent of Tung Fong Hung from the medicine firm's substantial shareholder King Point for 61 cents a share and made a general offer.
Tung Fong Hung says the sale of shares is not part of a placement announced on December 3. The placement is for 88 million new shares in Tung Fong Hung.