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Sundart Holdings Ltd. ( (HK:1568) ) just unveiled an update.
Sundart Holdings has disclosed that its public float has been approximately 24.26% since 9 December 2020, below the 25% minimum required under Hong Kong listing rules. The shortfall arose after controlling shareholder Reach Glory International increased its stake by 0.83%, leaving the public with 523.5 million shares representing about HK$434.5 million in market value.
The company believes there is still an open market in its shares but is considering measures to restore the float to the required level, including potential disposals by core connected persons. Sundart plans further announcements on its restoration plan and progress, and has tightened internal controls on share purchases by directors and related parties while implementing ongoing monitoring to prevent similar breaches.
The most recent analyst rating on (HK:1568) stock is a Buy with a HK$0.88 price target. To see the full list of analyst forecasts on Sundart Holdings Ltd. stock, see the HK:1568 Stock Forecast page.
More about Sundart Holdings Ltd.
Sundart Holdings Limited, incorporated in the British Virgin Islands and listed in Hong Kong, operates in the construction and fit-out sector, focusing on interior decoration and related contracting services. Its shares are traded on the Main Board of the Hong Kong Stock Exchange, with a shareholder base that includes controlling and core connected persons alongside public investors.
Average Trading Volume: 627,116
Technical Sentiment Signal: Buy
Current Market Cap: HK$1.79B
For a thorough assessment of 1568 stock, go to TipRanks’ Stock Analysis page.