Hong Kong Regulator Flags High Concentration of Shareholding in Sanergy Group

MT Newswires Live09-03

Hong Kong's securities regulator advised investors and shareholders to "exercise extreme caution" when dealing with the shares of Sanergy Group (HKG:2459), as the high concentration of shareholding in the company to a small number of stockholders could result in volatile share prices.

The watchdog conducted an investigation and found that 25 shareholders held 279,248,896 shares in the graphite electrodes manufacturer, representing 27.65% of its total issued shares as of Aug. 19.

Together with 582,500,000, or around 57.67%, shares owned by the controlling shareholder of the company, they controlled 90.2% of the stake in Sanergy Group, according to the filing.

This includes a total of 49,309,481, or 4.88% shares, not held in the CCASS and not registered on the company's Hong Kong register of members.

As a result, other shareholders held only 98,941,623 million shares or a 9.8% stake in the company, the regulator said.

Sanergy Group directors, however, confirmed that not less than 25% of the issued shares were held by the public as of Aug. 19 and the company has maintained a sufficient public float.

Shares of the company closed 98% lower on Tuesday.

Price (HKD): $0.33, Change: $-20, Percent Change: -98.40%

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