Property magnate Lo Yuk-sui lifts stake in Asia Standard Hotel to 12pc

Asia Standard Hotel shares suspended as public float fall below 25pc

PUBLISHED : Wednesday, 30 December, 2015, 11:17am
UPDATED : Wednesday, 30 December, 2015, 11:17am

Property magnate Lo Yuk-sui and his group of companies has raised its stake in Asia Standard Hotel to 12.03 per cent, sending the hotel operator’s public float fell below the minimum 25 per cent requirement.

In a filing to the Hong Kong stock exchange on Wednesday, Asia Standard Hotel noted the disclosure of interest forms filed by Lo and his controlled corporations - Century City International, Paliburg Holdings and Regal Hotels - has increased its stake from previous 10.7 per cent to 12.03 per cent on December 22. Asia Standard chairman Poon Jing holds 73.25 per cent.

As a result of the changes in holdings, Asia Standard said its public float fell to 14.71 per cent, below the minimum 25 per cent required by the listing rules.

The company said Wednesday that it had requested a suspension in the trade of its shares in Hong Kong.

Asia Standard assets include several four-star hotels under the Empire Hotel brand, including three in Hong Kong and one in Vancouver.

In a statement, the company said it is “continuing to investigate various options to restore its public float.”

The company said it had no concrete proposals on how to do so at this time.