Freight forwarder AWT Holdings has seen a change of control and has offloaded property assets. Chairman David Leung Tze-hang sold 13.5 per cent of the company to independent investor W. Yeung for $29.95 million and retained a 3 per cent stake. Mr Yeung, who is vice-chairman of the Tung Wah Group of Hospitals, general manager of Talford Group and the honorary chairman of the Sun Yat Sen Foundation, has become the single largest shareholder of AWT. He bought 119.8 million shares at 25 cents per share, a 410 per cent premium to the closing of 4.9 cents on November 10 when he signed a conditional agreement. The stock finished yesterday 0.3 cents lower at 4.9 cents. AWT said it was troubled by $240.89 million in current liabilities as of May 31. It said it planned to sell a 21,800 square foot warehouse in Kwun Tong for $15 million and lease it back at an annual rent of $2.4 million.
