Redsun Services' Controlling Stake Placed Under Receivership

MT Newswires Live

10/24

Redsun Services (HKG:1971) said 72.77% of its shares have been placed under receivership after Serica Agency Limited moved to enforce a share pledge made by controlling shareholder Redsun Services Group (Holdings), according to a Friday Hong Kong bourse filing.

The enforcement involves 301.99 million pledged shares, with Wong Wing Sze Tiffany and Edward Simon Middleton appointed as joint receivers and managers over the stake.

Redsun Holdings is seeking legal advice to protect its interests, while the company said it is obtaining its own legal counsel.

Redsun Services said its operations and financial position remain normal, adding that the matter has no significant impact on its business or solvency.

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