Shui Hing chairman Daniel Koo Shing-cheong says he will remain in the retail trade despite the sale of his stake in the loss-making department store operator to fashion retailer Easyknit International Holdings.
Shareholders approved the sale of Mr Koo's 71.3 per cent stake in Shui Hing for $934 million at a special meeting yesterday.
'Even though we won't be involved in large-scale operations anymore, we will continue on a small scale,' he said.
He would not disclose the nature of his future retailing plans but said there would be an announcement at the start of next year.
Mr Koo and his family will keep the 'Shui Hing' name and Easyknit will change the company's name to Easy Concepts.
Shui Hing also announced yesterday that attributable losses swelled to $24.9 million in the six months to August, compared with $10.5 million in the previous corresponding period.