For violating the Takeovers Code, Chan Shing will be denied access to the securities market for two years.
The Securities and Futures Commission (SFC) has imposed a 24-month cold-shoulder order against Burwill Holdings Limited chairman and managing director Chan Sing over breaches in the mandatory general offer obligation of The Code on Takeovers and Mergers.
Chan will be denied direct or indirect access to the Hong Kong securities market for a two-year period which will commence on 7 June 2018 to 6 June 2020.
He and some concert parties increased his shareholding in Burwill to 34.45% in 2014, triggering a mandatory offer obligation under the Takeovers Code but no offer was made from his end. The regulator said that the move deprived Burwill’s other shareholders of the right to receive a general offer for their shares.
Chan told the regulator that he was not familiar with the Takeovers Code but accepted that he breached the rules and acknowledged the corresponding disciplinary action.
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