Advised China Dredging Environment Protection Holdings Limited (“China Dredging”) on its issue of shares worth HK$102 million (the “Issuance”), which is equivalent to 51.05% of the issued share capital of China Dredging immediately prior to the Issuance, to its director and substantial shareholder, Mr. Liu Kaijin (“Mr. Liu”) under specific mandate. Chungs Lawyers applied on behalf of Mr. Liu for a whitewash waiver to the Hong Kong Securities and Futures Commission pursuant to Note 1 on dispensation from Rule 26 of the Takeovers Code and thus Mr. Liu is not required to make a mandatory offer, which would otherwise be required as a result of the Issuance. China Dredging also undertook a 2-for-1 share consolidation and a change in board lot size from 1,000 to 20,000 before proceeding to the Issuance.
China Dredging is a company listed on the Main Board of The Stock Exchange of Hong Kong Limited. China Dredging is principally engaged in capital and reclamation dredging businesses.