China Conch Venture's (HKG:0586) largest shareholder, Anhui Conch, increased its stake in the company through market purchases to nearly 21%, according to a Tuesday Hong Kong bourse filing.
The company said Anhui Conch plans to reconstitute the board as appropriate and will consolidate Conch Venture's financial results into its own financial statements.
Conch Venture also reaffirmed its commitment to maintaining the company's independent operations, a stable dividend policy and supporting its long-term growth through closer industrial and operational synergies.
The company's shares rose 3% in recent trade.
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