Hung quits as joint chair of The 13

Stephen Hung has resigned as joint chairman and executive director of The 13 Holdings, with effect from Jan. 25.

Hung also ceased to be a member of the nomination committee of the company, member of the finance and investment committee and chairman of the executive committee, the company said in a Hong Kong Stock Exchange filing.

The 13 said Hung has no disagreement with the board.

Separately, the company announced a shareholder reshuffle. Pride Wisdom, which owns 8.96 percent of the company, has entered a sale and purchase accord to sell all of the capital of Circle Swing to Rally Praise, which is owned by The 13’s deputy chairman Lau Ko Yuen, Tom.

Before completing the sale, Pride Wisdom will transfer 82,288,999 of its shares in The 13 to Circle Swing.

The long-delayed 13 in Macau, which will be one of the most expensive hotels in the world, is now expected to open in April.

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