SFC TAKES ACTION AGAINST RAFFLES

The Securities and Futures Commission said disciplinary action had been taken against Raffles International Holdings and its sole owner and director Jimmy Lai Kam-wing in relation to a breach of the Code on Takeovers and Mergers. Mr Lai increased its shareholding in FT Holdings International from 34.99 per cent to 36.05 per cent on January 20 but no general offer was made, which was in breach of Rule 26.1 of the Takeovers Code.