Financial Wire

Guoquan Food Shareholder to Sell Some Stake

-- Guoquan Food (Shanghai) (HKG:2517) said Shanghai Guoxiaoquan Enterprise Management Center, one of its controlling shareholders, plans to sell some of its holdings, according to a Hong Kong bourse filing Thursday.

The firm will sell 124.5 million shares, representing 4.74% of the business, at HK$3.80 apiece.

Once complete, the transaction will reduce Guoxiaoquan EM's ownership to 7.88% from 12.61%, the firm said.

According to Guoquan Food, the shareholder is selling some of its holdings to meet its own funding needs and does not plan to sell any further shares under a six-month voluntary lock-up.

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Guoquan Food Shareholder to Sell Some Stake | Financial Wire