On December 23, Gelonghui reported that DYNASTY WINES (00828.HK) announced that the Board of Directors was informed by the company's controlling shareholder, Tianjin Food Group Co., Ltd. ("Tianjin Food"), which holds approximately 40.92% of the company's issued shares as of the date of this announcement, that Tianjin Food plans to increase its shareholding in the company.
The Board of Directors has been informed that to increase its shareholding, Tianjin Food will conduct purchases in the open market with its own funds through its wholly-owned subsidiary, with a total acquisition amount not exceeding the minimum shareholding percentage (as defined in the Hong Kong Code on Takeovers and Mergers, including its ultimate and intermediate holding companies and the associated subsidiaries Tianjin TEDA Investment Holding Co., Ltd., Tianjin TEDA Industrial Group Co., Ltd., Tianjin Bohai State-owned Assets Management Co., Ltd., and Tianlian Group Co., Ltd.) of Tianjin Food (and its concert parties) increased by 2% for the twelve-month period up to and including the date of the acquisition ("Shareholding Plan"). The minimum shareholding percentage of Tianjin Food (together with its concert parties) during the twelve-month period up to the date of this announcement is approximately 40.92%, the same as its shareholding percentage on the announcement date.
As of the date of this announcement, there have been no transactions regarding the Shareholding Plan. The Shareholding Plan aims to consolidate Tianjin Food's controlling position, increase its shareholding ratio, and convey a positive message to the market that the controlling shareholder is confident about the group's future prospects and long-term development.
