China Kangda Food's (SGX:P74, HKG:0834) controlling shareholder, Zenith Hope, privately placed 77 million shares of the company for an aggregate of about HK$10.8 million to seven placees, according to a Thursday filing with the Hong Kong bourse.
Following the completion of this transaction, Zenith Hope's ownership in China Kangda Food will decrease to 54.69% from 71.69%, with the company retaining 247,708,066 shares.
The vendor will still be the controlling stakeholder, and the transaction will unlikely have any material impact on the company's affairs. Zenith Hope is a company wholly and beneficially owned by Wu Jiming.
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