New | Hong Kong listed C Y Foundation says “substantial shareholder” sells holdings for HK$250 million

CY Foundation announced on Friday that its majority shareholder Poh Po Lian had sold about 321.63 million shares and convertible notes issued by the company for HK$250 million.

The principal of the notes is worth HK$45 million.

The buyers are Declan Investments and Ideal Investment, which are wholly owned by Yong Khong Yoong Mark. Yong, who originally holds about 3.68 per cent of the company’s shares, now becomes the substantial shareholder of the company with 27.94 per cent of the shares in CY Foundation, according to the filing to the Hong Kong Stock Exchange.

CY Foundation manufactures and sells packaging products for luxury goods.

Poh had tendered his resignation as an executive director and chairman of the company with effect from June 11, 2015. He was replaced by Carlos Luis Salas Porras.