Monday, February 24, 2020
Martin Hennecke

Steel producer shown the door
Nickel Resources International (2889) will be booted off the Hong Kong stock exchange tomorrow after losing all its appeals. Trading in the company's shares was suspended since April 2015 and was later expelled from the exchange in August 2017. The steel producer sought a review three times but the decision was upheld in June last year. Meanwhile, the Securities and Futures Commission warned of the high concentration of shareholding in tour operator Tu Yi (1701). The SFC said 16 shareholders held an aggregate of 173.66 million shares, representing 17.37 percent of the company's issued shares. Such shareholding, together with 750 million shares, or 75 percent of the issued shares, held by three executive directors of the company, represented 92.37 percent of issued shares. Therefore, only 7.63 percent of issued shares were held by other shareholders, the SFC said. In other news, PAG Real Estate issued a formal complaint to the SFC against Spring Real Estate Investment Trust (1426) regarding sub-standard corporate governance, conflicts of interest and consistent management failure to uphold its fiduciary duties to unitholders.
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