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Shun Shing in listings breach

Construction contractor Shun Shing Holdings is negotiating with the Securities and Futures Commission (SFC) after failing to comply with listing rules on its recent $630 million share placement.

The company said it was working on resolving the problem, which arose after it announced its placement on Monday without the regulator's consent.

Under listing rules, Shun Shing's 61 per cent shareholder Cosco (HK) Property Development had to obtain consent from the SFC because the placement occurred within six months of Cosco increasing its stake in Shun Shing, and the placing price was higher than the previous purchase price.

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