SPORTSWEAR manufacturer Fortei Holdings plans to either sell 5.9 per cent of its shares or to persuade fund manager Templeton International to divest its stake in the company, enabling the public to have at least 25 per cent of its shares.
United States-based Templeton, which holds a 12.3 per cent stake in Fortei, will be asked to decrease its stake to 9.9 per cent.
The Stock Exchange of Hong Kong has requested the company ensure it complies with the listing rules of having at least 25 per cent of its stake in public hands.
The company hopes to do this as soon as possible.
Due to high rents in Hong Kong, the company has shifted its emphasis to the Chinese market.
A company spokesman said its sales in China, which accounted for about 75 per cent of total this year, were expected to rise to 80 per cent next year.
