The controversial sale of a controlling stake in SAR-listed Pacific Challenge Holdings has been postponed again.
Seller Super Drive, ultimately controlled by Pacific Challenge chairman Lily Chiang, and purchaser Mega Land have agreed to further extend the completion date to July 2. The completion has been postponed twice since the deal was forged in February.
Super Drive will sell a 29.5 per cent stake to Mega Land, owned by independent investor Zhang Mingyu, for HK$153 million, or HK$1.81 per share, a huge premium to the market price. Ms Chiang and other parties also plan to place another 4.17 per cent stake to other independent investors.
Pacific Challenge and Ms Chiang are facing legal action from minority shareholder Kistefos, which sees a series of transactions by the firm as detrimental to its interests.
