Giordano executive director sheds his remaining shares

Giordano executive director Jimmy Chan Kui-tim sold his remaining 2.5 million shares last week, pocketing more than HK$127 million for his stock options, according to Hong Kong Exchanges and Clearing.

The exchange said Mr Chan, who will resign from Giordano on January 10, sold the shares between December 1 and December 6 at between HK$3.58 and HK$3.70 each.

Two weeks ago, Mr Chan, who is also the company's chief financial officer, sold 5.39 million Giordano shares at about HK$3.80 each. After the transaction, he gained more than HK$20 million.

Mr Chan, who has worked for Giordano since 1990 and was promoted to executive director in 1994, sold his entire 16 million stock options and cashed in more than HK$127 million.

During the period, he also exercised his options at prices ranging between HK$1.86 and HK$2.83, bringing him more than HK$60 million in net profit.

Concerns over when Mr Chan would sell out all his options had been an overhang for Giordano, which fell 41.4 per cent from the price of his first disposal six months ago.

The counter ended yesterday with a tiny 0.7 per cent jump to HK$3.70. More than 10 million shares changed hands with a turnover of HK$39.16 million.

Mr Chan's replacement, Milton Au, is an independent non-executive director of the fashion retailer.

It is believed Mr Chan will take up a post as chief executive of Skyworth Digital Holdings, a mainland television manufacturer.