Stayed below Greenline...Negative - Cut / Sell
Beauty China chairman and founder Wong Hon Wai still owes $800,000 after the
forced sale of his mortgaged shares on Tuesday and Wednesday that cut his
stake in the company to 32.28 per cent. And this outstanding amount could be
settled through further sales of his mortgaged Beauty China shares, the company
said in a filing with the stock exchange yesterday. Mr Wong's stake is held through
his investment holding firm Lucky Gain International, which had pledged all of the
shares to obtain credit facilities. 'The balance pledged shares of Lucky Gain will
be released from all encumbrance after the amount outstanding has been repaid
or satisfied through forced sale,' Beauty China said. 'The company is mindful to
monitor its share price and trading volume and will release further announcements
and update if necessary.' The latest disclosure on Mr Wong's mortgaged shares
follows rife speculation on the cause of the sharp fall in the company's share price
on Tuesday.
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