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Sun Art Retail Chairman to Step Down Following Sale of Controlling Stake; Shares Fall 6%
Paragon Shine Completes Acquisition of 79% Stake in Sun Art Retail, Triggering Mandatory Cash Offer
Hong Kong stocks movement | SUNART RETAIL (06808) fell over 6% in the morning as independent suppliers are involved in a tax investigation. The company plans to set aside 58 million for tax expenses.
SUNART RETAIL (06808) fell over 6% in the early session, as of the time of writing, it has dropped 5.21%, priced at 1.82 Hong Kong dollars, with a transaction amount of 11.4111 million Hong Kong dollars.
SUNART RETAIL (06808.HK): Huayu will be appointed as the Chairman of the Board of Directors.
On February 28, Gelonghui reported that SUNART RETAIL (06808.HK) announced that (1) Qin Yuehong has resigned as a non-executive director and a member of the Audit Committee, Nomination Committee, and Remuneration Committee, effective from the date of the acquisition agreement's completion; (2) Han Liu has resigned as a non-executive director, effective from the date of the acquisition agreement's completion; and (3) Huang Mingduan will resign as Chairman of the Board of Directors, effective immediately after the comprehensive document is issued, but will remain as a non-executive director and a member of the Nomination Committee and Remuneration Committee until the first deadline, to comply with Rule 7 of the Takeover Code and fulfill his role as a member of the Independent Director Committee.
Express News | Sun Art Retail - Huang Ming-Tuan Resign as Chairman
SUNART RETAIL (06808.HK): Suppliers are involved in an invoice investigation, and the group has set aside provisions for tax expenses.
Gelonghui reported on February 27 that SUNART RETAIL (06808.HK) announced it has recently received a notification from the authorities regarding an investigation into a certain independent supplier ("the supplier"). The supplier is being investigated for the actions related to the value-added tax invoices ("VAT invoices") it issued to several subsidiaries of the group ("the investigation"). According to the company's Directors, the group is not the subject of the investigation. After receiving the notification of the investigation, the group has sought advice from legal and tax advisors and conducted a self-assessment of tax compliance regarding all Trades with the supplier, to evaluate the extent to which the group may be affected by the investigation results.
Sun Art Retail Group Limited (HKG:6808) Stock Rockets 35% As Investors Are Less Pessimistic Than Expected
