BUZZ-Apparel chain Giordano falls as shareholder seeks management reshuffle

** Shares of Giordano International Ltd fall 7.4% to HK$1.89, their lowest since Jan 23

** Stock of the apparel retail chain operator set to extend losses for a third straight session, if trend holds

** Giordano says it received requisition from shareholder

Sino Wealth International, which holds 24.06% stake, to remove Peter Lau from his position as the CEO, and appoint Colin Melville Kennedy Currie as the new chief executive with immediate effect

** Sino Wealth also proposes to appoint Sonia Cheng and Christopher Cheng as non-executive directors of the company and Victor Huang as an independent non-executive director, but provided no further details

** The board is seeking legal advice on appropriate course of action to be taken - Giordano

** In September 2022, Giordano said a takeover offer by a major shareholder lapsed on receiving insufficient shareholders acceptance, failing to meet the 50% shareholder threshold

** "We think the requisition is an aggressive move and there could be further changes to the management team. We expect the stock price to be more volatile in the near term," says brokerage UOB Kay Hian

** Hang Seng Index surges 3.6%

** Giordano stock down 26.9% YTD, as of last close

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))