It was reported on December 28 that according to documents disclosed by the Hong Kong Stock Exchange on December 28, VGB Limited was sold off the market at an average price of HK$2.0 per share on October 25$ERNEST BOREL (01856.HK)$7 million common shares worth approximately HK$14 million. After the sale, VGB Limited's latest shareholding was 211 million shares, and the good position ratio dropped from 60.47% to 58.52%.
This transaction involves other related parties: Citychamp Watch & Jewellery Group Limited, Sincere View International Limited, and Lam Suk-ying.
What is disclosure of interests?
As required by the Hong Kong Stock Exchange, major shareholders (individuals and companies holding 5% or more of shares) are required to disclose their share interests in listed companies. The directors and chief executives of a listed company are required to disclose their interests in shares and debentures in the listed company and companies associated with the listed company.
Why is disclosure of interests important?
Disclosure of interests enables investors to identify (1) persons who control or have the ability to control the shares of a listed company, and (2) persons who may benefit from transactions involving associated entities of the listed company.