UDL sells to mainland party

Engineering company UDL has entered into an agreement with China Construction that the company would issue 140 million new shares to the latter one at $1 per new share. The new share issue representing 20 per cent of the issued capital of the company and the issue price has a 5.7 per cent discount to the closing price of the company on September 30. The company's principal shareholder Leung Yat-tung and Leung Yuet-keung also agreed to sell 30 million existing shares of the company to China Construction at $1 per share.