ANTA Sports Products' (HKG:2020, HKG:82020) stake in the Jack Wolfskin business will fall to 80% from 100% after its unit Anca Holding issues new shares to entities owned by two executive directors, according to a Wednesday Hong Kong bourse filing.
Under the subscription agreements, Wise Source, owned by executive director Ding Shijia will take 9% of Anca, while Reward Grand, owned by executive director Lai Shixian will acquire 11%.
Reward Grand will undergo restructuring, with a majority of its shares held by employee benefit trusts.
Proceeds will support operating expenses, working capital, and business development of the outdoor brand.
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