Tongda (0698): Breach of Listing Rules - connected transaction with director
Company announcement, 22-Mar-2011
The circular dated 4-Sep-09, regarding the acquisition of the company which owned the property, from the Chairman of Tongda, stated that the tenant was "an Independent Third Party". It now emerges that 58.82% of the tenant is (and presumably, was) owned by the Chairman's brother, an executive director of Tongda, Mr Wong Ah Yeung. They and 2 more brothers jointly control Tongda.

• Orgs
  • TONGDA GROUP HOLDINGS LIMITED
• People
  • Wang, Ya Nan 王亞南

Tongda circular on acquisition of property from connected person
Company circular, 4-Sep-2009
We note that Castores Magi valued the property at 31-Jul-2009 at HK$68.216m. But when Tongda completed the deal on 15-Oct-2009, it recognised fair value of investment property of only HK$45.880m, a drop of 32.7%. The vendor was the Chairman of Tongda. The property was already leased to an "Independent Third Party" which later turned out to be majority-owned by another executive director, the Chairman's brother. With 2 other brothers, they jointly control Tongda.

• Orgs
  • CASTORES MAGI (HONG KONG) LIMITED
  • TONGDA GROUP HOLDINGS LIMITED
• People
  • Wang, Ya Nan 王亞南