HONG KONG: Esprit share price up as ex-chairman lifts stake
Hong Kong-based clothing retailer Esprit has seen its share price jump 22% after former chairman Michael Ying more than doubled his stake in the company.
Ying increased his share from 4.8% to 10.33% on 7 November, according to filings on the Hong Kong Stock Exchange. As a result, the group's share price was up 22.03% to HK12.96 today (15 November), adding to speculation Ying may rejoin the board.
However, Esprit said it has not received any such request from Ying. If there was a request, it will subject to discussion and consideration, a company statement added.
The news comes after one of the retailer's shareholders, Lone Pine Capital, and Esprit director Jurgen Friedrich disposed of most of the rights allotted to them. Hedge fund sponsor Pine has disposed of 62.538m rights, while Friedrich divested 22.776m rights.
Last month, the company said it was looking to raise up to HK$5.2bn (US$670m) through a rights issue to fund its transformation plan.
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