Shun Cheong co-managing director launches lawsuit against placing new shares

Kwok Shun On, co-managing director of Shun Cheong Holdings (0650) appealed to the Court, demanding it to claim the resolutions approved at the board meeting on June 30 to be invalid and forbid Shun Cheong Holdings, its chairman Wong Sai Wing James, executive directors OU Ka Chi, YU Shek Kee and so on placing new shares. Shun Cheong Holdings announced on June 14 to place 75 mln new shares to at least six invidual investors at HK$0.2 to raise HK$14.5 mln.

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