Rongzun International Holdings Group Controlling Shareholder Sells 60% Stake in Private Placement
Reuters
Oct 21
Rongzun International Holdings Group Controlling Shareholder Sells 60% Stake in Private Placement
Rongzun International Holdings Group Ltd. has announced a private placement of existing shares by its controlling shareholder. The transaction involves 372,000,000 shares, representing 60% of the company's existing issued share capital. Following the completion of the placement, Kyosei Technology Inc.'s stake in Rongzun will be reduced to 15%, and neither Dr. Hiroshi Kaneko, Mr. Yanase Kenichi, nor the vendor will remain controlling shareholders. The company stated that it does not expect the private placing to adversely affect its operations. The placement agent will ensure that no placee will hold 30% or more of the company's total issued share capital, thereby avoiding a mandatory general offer under Hong Kong's Takeovers Code. Shareholders and potential investors are advised to exercise caution as the placement may or may not proceed.
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