ITP HOLDINGS (08446.HK) announced that the board of directors has noticed a significant drop in the company's stock price and an increase in trading volume on June 19th, 20th, and 21st, 2023.
After reasonable inquiries were made to the directors and major shareholders, the company learned that independent non-executive director Ms. Jiang Yueer has entered into a land purchase agreement as the buyer with a third-party seller, and has signed a blank transfer document as the seller's beneficiary for 2.994 million shares of stock ("targeted shares"), representing approximately 0.37% of the issued shares as of the announcement date. Recently, the seller has informed Ms. Jiang that they intend to take legal actions, including the transfer of the targeted shares to the seller.
As of the announcement date, there is no mandatory sale of the targeted shares. Ms. Jiang has informed the company that she is capable of fulfilling the obligations under the land purchase agreement and expects that there will be no need to transfer the targeted shares to the seller. The company has applied to the Stock Exchange of Hong Kong for the resumption of stock trading on the GEM market starting from 9:00 am on June 26th, 2023 (Monday).
