HONG KONG, Feb 21 (Reuters) - Cheung Wah Development Co Ltd said on Monday its directors Ricky Yu and Lincoln Yu had agreed to place 100 million existing shares they held in the company with institutional investors at HK$13.55 each. They granted placing agent Jardine Fleming Securities Ltd an option requiring them to sell an additional 28 million shares, the company said in a statement.
Softbank Corp's <9984.T> Softbank Investment (International) Holdings Ltd said in Janaury it had agreed to subscribe for 1.15 billion new shares in the company, representing about 61.11 percent of the enlarged issued share capital of the company.
Cheung Wah said it would have a sufficient public float after completion of the subscritpion as a result of the placing.
After the placing and subscription Richy Yu and Lincoln Yu's shareholding would decrease to 0.75 percent each from 8.76 percent.
Their stake would further decrease to 0.01 percent each if the option was exercised, and about 29.83 percent of the company's shares would be held by the public, it added. Trading in Cheung Wah shares was expected to resume on Monday after being suspended on Friday pending the placing statement.
The stock closed at HK$14.25 on Thursday.
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