The board of directors of Asian Growth Properties Limited, the property development and investment company headquartered in Hong Kong and incorporated in the British Virgin Islands jurisdiction, has received notifications from the executive directors reporting their respective deemed interests in the ordinary shares of US$0.05 each in the company.
About 97.17% of the existing share capital of Asian Growth Properties are beneficially owned by SEA Holdings Limited. On 14 July 2011, Nan Luen International Limited has acquired additional SEA shares and all the SEA shares repurchased by the company on 29 June 2011 were cancelled. After these transactions, Nan Luen International increased its shareholding interest in SEA to about 59.65%.
JCS Limited has 63.58% interest in the issued share capital of Nan Luen International. In its turn, NYH Limited is interested in 25% of the issued share capital in each of the two companies, which are interested in a total of 1.243% of the issued share capital of SEA.
After the acquisition and cancellation, Mr. Lu Wing Chi, an executive director of Asian Growth Properties Ltd., is deemed to have an indirect beneficial shareholding interest in 271,745,264 shares that represent approximately 30.66% of the existing issued share capital of the BVI company; another executive director of the company, Mr. Lambert Lu, is deemed to have an indirect beneficial shareholding interest in 69,847,383 shares, representing approximately 7.88% of the existing issued share capital of Asian Growth Properties Ltd.