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SCMP Reporter

TEXTILE manufacturer Best Wide Group has announced the details of the recent changes of its chairman Li Chun's shareholding in the company.

  Best Wide has been investigated by the securities regulatory authorities on the trading of the company's shares over the past few months.

  According to the announcement, Mr Li's shareholding in Best Wide was 52.6 per cent, following the sale of 47.7 million shares or 22.3 per cent of the then issued capital of Best Wide during the period between August 9 and October 3.

  Between October 4 and October 19, further sales of Best Wide shares were made by Mr Li.

  On October 20, Mr Li acquired one million shares in Best Wide at prices ranging from 89 cents to 90 cents which increased his shareholding in the company to 41 per cent.

  Following the allotment of 88.77 million new Best Wide shares on October 30 issued by the company for the acquisition of Mr Li's investments in China, Mr Li's shares in Best Wide has increased to 58.3 per cent from 41 per cent.

  The issue and allotment of new shares to a company controlled by Mr Li resulted in an increase in his shareholding of about 17.3 per cent, which is more than the 5 per cent permitted under the Takeover Code.

  The new issue, therefore, created a takeover offer obligation.

  According to the company, Mr Li was granted by the stock exchange a waiver of his takeover offer as a result of his breach of the Takeover Code.

  The company said it had no idea when the investigation on the trading in the company's shares had been completed.

  But the considerations of the sanctions, if any, to be imposed on Mr Li by the regulatory authorities will be taken only once the investigation has been complete.

  Shares of Best Wide are expected to resume trading today.



Best Wide reveals chairman's interest