Alvin Chau Cheok Wa (pictured in a file photo) has ceased to be a controlling shareholder of the former Sun Entertainment Group Ltd, a media and entertainment business now known as Yeah Yeah Group Holdings Ltd.
A Thursday filing in Hong Kong by Yeah Yeah Group – before July known as Sun Entertainment – said Mr Chau was no longer its controlling stakeholder after disposing of an aggregate of 730,950,000 shares, via on-market activity between September 14 and September 23.
After the close of business on Friday the firm’s shares were valued at HKD0.030 (US$0.00382) apiece. Thursday’s filing did not state the pricing of the shares at the time of the disposal process.
Yeah Yeah said it was “not aware of the identities of the counterparties” involved in the disposals conducted by Mr Chau, “or of their respective principal business activities”.
As a result of the exercise, Mr Chau’s long position in the Hong Kong-listed firm has been reduced to 2.17 percent, from the initial 37.04 percent.
Mr Chau, founder of the now-disbanded Macau casino junket business Suncity Group, is currently on trial in Macau along with 20 other people, accused of operating illegal gambling, criminal association, fraud, and money laundering.
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