Tuesday, July 17, 2007

HK co now Birmingham City's biggest shareholder

Hong Kong businessman Carson Yeung has completed the financial transaction for his publically-listed textile company to become English Premier League club Birmingham City's biggest shareholder. The club announced to the Stock Exchange that Yeung's company, Grandtop International Holdings Limited, had completed the purchase of 29.9 percent of the club's shares. GHIL bought the shares from directors David and Ralph Gold, David Sullivan, Karren Brady and Roger Bannister after paying a non-refundable deposit of £1.09 million on 27 June. The deal, worth a little under £15 million, means the Golds and Sullivan now each own 23.22 per cent stakes, while Brady and Bannister also retain small holdings.

Today's announcement confirms that talks between the club and GHIL are ongoing and could still lead to a takeover bid from GHIL. An increase in his holding to 30 percent would allow Yeung to trigger a bid to assume full control. GHIL's Hong Kong listing could offer the opportunity for the Hong Kong and Chinese public to buy stock in Birmingham City's ultimate holding company should it mount a full takeover.

No comments: