Exclusive | 759 Store’s new boss Tang Fung-kwan quashes takeover rumours, wants snack food chain to stay the course
Tang Fung-kwan, the new chairwoman of CEC International, says she has the firm backing of the founding chairman’s family
The newly appointed chairwoman of CEC International Holdings, which owns the popular 759 Store in Hong Kong, said on Thursday that there are no plans to sell and she would press on with the late founding chairman’s efforts to turn around the loss-making retail chain.
CEC’s share price had more than doubled to a 21-month high at HK$1.04 on August 20 as brokers speculated the company might become a takeover target following the death of founding chairman Coils Lam Wai-chun the previous day.
However, executive director Ida Tang Fung-kwan, 48, who was named as chairwoman of CEC and 759 Store on August 20, quashed those rumours.
“As I told the Hong Kong exchange last week, there are no takeover negotiations whatsoever,” Tang told the South China Morning Post in an exclusive interview at CEC’s offices in Kwun Tong, surrounded by photos and trophies won by Lam. “We are not under any pressure to raise funds and there is absolutely no plan to sell CEC or 759 Store.”
Lam, his wife and three children – two daughters and a son – own 70.89 per cent of the company, Tang said, adding that his death will not affect their shareholding, which is held in a family trust.