Third party in stake chase

Sportswear manufacturer Leading Spirit (Holdings) says an independent mainland-based third party has approached controlling shareholder Wong Shi-ling to buy part of his 67.36 per cent stake in the company. It said Mr Wong's holding would not drop below 35 per cent and that the third party was not expected to make a general offer for the company. Leading Spirit confirmed it had bought back 51.71 million of its shares, representing 0.66 per cent of issued capital. Its shares were suspended by the stock exchange yesterday morning. The company has applied to resume trading today.