Hu family in Ryoden move

A company ultimately owned by the Hu family has increased to 33.9 per cent its stake in Ryoden Development after exercising an option granted to it by Mitsubishi Electric Corp to buy 85 million shares at $2 each.

Before the deal, the family, which runs Ryoden, held a 24.58 per cent stake.

The holding company is 99 per cent owned by a discretionary trust in the name of the Hu family.