A plan to privatize Dickson Concepts (International) (HKG:0113) via a scheme of arrangement proposed by Bestcity Assets has lapsed after failing to secure sufficient support from disinterested shareholders, according to a July 18 joint Hong Kong bourse filing.

Shares of the company were down about 30% in Monday morning trade.

The scheme was approved by more than 75% in value and a majority in number at Friday's court meeting.

However, over 10% of the votes attached to disinterested shares were cast against the proposal, breaching the threshold set under the Hong Kong Takeovers Code.

As a result, the scheme will not proceed, no shares will be cancelled, and the company will remain listed on the Hong Kong Stock Exchange.