Financial Wire

SEM Holdings Controlling Shareholder Sells 14% Stake in Business

-- SEM Holdings (HKG:9929) said its controlling shareholder Yao Capital sold a 14.1% stake in the business to three investors, according to a Hong Kong bourse filing Wednesday.

Yao Capital disposed 178 million shares representing 8.9% of the electrical and mechanical engineering services firm to Joanneful Limited; 57.5 million shares representing 2.9% to Xieqing; and 46 million shares representing 2.3% to Liang Meifeng.

All the shares were sold at HK$0.65 apiece.

The sale reduced Yao Capital's ownership in the business from 66% to 51.9%.

Yao Capital, which is controlled by SEM Holdings chairman Yao Shuobin, earlier sold a 9% stake in the business to HH RSV-MIM Holdings.

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