Landing International shareholding under dispute

Wednesday 6th of November 2019

Landing International Development chairman Dr. Yang Zhihui said he will “take all necessary and appropriate actions to protect his interests” after it was revealed that more than half of the company’s shares have been claimed by two parties appointed as joint receivers of the shares.

The dispute comes after Landing’s board received disclosure of two interest notices amounting to 1.48 million shares, or 50.48 percent of the company’s shares to the two parties, which has previously been held by Landing International Ltd (LIL), a company solely owned by Mr. Yang.

“According to the information provided in the Notices, the Notices were filed by parties who claimed to be appointed as joint and several receivers and managers of the Relevant Shares,” said the company.

However, Mr. Yang said he was not aware of the alleged appointment, and said “he will further look into the situation and take all necessary and appropriate actions to protect his interests over the Relevant Shares.”

Mr. Yang also confirmed that there is no change in the ownership of the parent company LIL as well as LIL’s shareholding in Landing International Development as of November 5, 2019.

Landing’s board said it does not expect the alleged appointment to have any material adverse impact on the daily business operations and financial positions of the group, and that it would make further announcements should there be any updated information on this matter.