Kidsland's Controlling Shareholder Converts Preference Shares Into Equity

MT Newswires Live12:21

Kidsland International (HKG:2122) said its controlling shareholder, Asian Glory, has converted 250 million convertible preference shares into the same number of ordinary shares, according to a Jan. 23 Hong Kong bourse filing.

Shares of the toy company were up more than 3% in Monday morning trade.

Asian Glory, which is wholly owned by Chairman and Chief Executive Lee Ching Yiu, will receive 250 million new ordinary shares following the conversion.

The new shares will represent about 18.4% of Kidsland's enlarged issued share capital and will rank pari passu with existing ordinary shares.

Following the conversion, Asian Glory's stake will rise to about 65.4% from about 57.5%, the filing showed.

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