Stephenson Harwood has advised Steed Oriental (Holdings) Company Limited – a listed company on the GEM board of the Hong Kong stock exchange which manufactures customised plywood products – on the disposal of a 57 percent equity interest, valued at HK$190 million.

The controlling shareholders – Mr. Huang Dong Sheng, Ms. Wong Sut Keng and Ms. Wong Hang Kuen – entered into a Sale and Purchase Agreement, with the joint offerors Ms. Sun Xue Song and Mr. Xue Zhao Qiang, to sell a total of 114,154,853 shares, representing approximately 57 percent equity interest in Steed Oriental.

As a result of the transaction, the joint offerors collectively held rights in Steed Oriental of 50 percent or more, therefore incurring an obligation to make an unconditional mandatory offer under the Codes on Takeovers and Mergers for all the issued shares in the company.