17 May, 2017
Stephenson Harwood has advised a controlling shareholder of a company listed on the Main Board of the Hong Kong stock exchange, which is one of the largest People’s Republic of China exporters and manufacturers of rabbit meat – on the disposal of equity interest.
The controlling shareholder, Mr. Gao Sishi, alongside the other shareholders of China Kangda Food Company Limited (the “Company”) entered into a share purchase agreement with China Tian Yuan Manganese Limited (the “Offeror”), to sell a total of 299,515,000 shares, representing approximately 69.18 percent equity interest in the Company.
As a result of the transaction, the Offeror held 30 percent or more interests in the Company, thereby incurring an obligation to make an unconditional mandatory offer for all the issued shares in the Company under the Codes on Takeovers and Mergers.
Hong Kong-based corporate partner Eugene Lai led the transaction and was assisted by senior associate Ivy Wong and associate Annie Mak.
