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Team Concepts sale pact

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Main shareholders of loss-making Team Concepts Holdings plan to sell a 46 per cent stake in the company to an unidentified party.

The extent of the stake sale means that it will trigger a general offer.

The maker of educational toys yesterday suspended its shares.

The share stake is to be sold by chairman Allan Chu Chi-wai, vice-chairman and managing director Bernard So Yuen-fai and related parties through Sun Hung Kai Securities.

Under Hong Kong securities rules, the potential buyer has to make a general offer for the remaining shares, as the proposed purchase exceeds a 35 per cent holding.

The shares are held by Mr Chu and Mr So through three companies - Haystone, Hambrok and King's Union Corp.

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