On Friday, Birmingham Sports Holdings made an announcement to the Hong Kong Stock Exchange that they had issued just over a billion new shares in the company to repay debts to two third party lenders. An investigation into the two companies and their owners has shown that both companies are connected both to the elusive Mr King, Wang Yaohui.
The sale of 21.64% of Birmingham City plc was approved by shareholders at an Extraordinary General Meeting of Birmingham Sports Holdings yesterday morning in Hong Kong.
Birmingham Sports Holdings confirmed in an announcement on Monday to the Hong Kong Stock Exchange the date of an Extraordinary General Meeting to approve the partial sale of BCFC to Oriental Rainbows Ltd. The sale would see Chinese-Cambodian businessman Vong Pech become the largest shareholder in the club.
Birmingham Sports Holdings produced their annual report on Thursday, covering the year to June 30, 2020. The glossy 162-page brochure is published to give shareholders information on the company including the recent accounts published along with some further detail.
The Market Misconduct Tribunal sanctioned Paul Suen Cho Hung along with five fellow former directors of CMBC Capital Holdings Ltd on Friday for insider trading. At the hearing held last week, Suen admitted negligent conduct that resulted in CMBC Capital’s breach of requirements of the corporate disclosure regime and was fined HK$900,000.
Following news breaking on Friday regarding a sale of a slice of Birmingham City to Chinese-born Cambodian businessman Vong Pech, there have been many questions online about the purchaser’s identity. Who is Vong Pech, how much money does he have and why does he want to buy this stake in the club?
Birmingham Sports Holdings broke the news on Friday afternoon that they are proposing to sell a 25% stake in BCFC to Oriental Rainbow Investment Ltd, a British Virgin Islands investment vehicle owned by current BSH shareholder Vong Pech. The deal will see Vong Pech become the largest shareholder in the club among other changes.
Birmingham Sports Holdings released their accounts for the year ending June 30, 2020 on Wednesday afternoon. The results confirmed that once again the company had made a loss – although not as great as in previous years. However, coronavirus has clearly had an impact with massively increased borrowing.
While most fans were celebrating the arrival of Aitor Karanka as Blues’ new Head Coach on Friday, Birmingham Sports Holdings also made an announcement to the stock exchange which can be seen as positive news. The holding company voluntarily confirmed to the stock exchange that it intends to acquire a medical service business in Japan to continue to strengthen the Group’s profitability.
Embattled Trillion Trophy Asia owner Paul Suen suffered another potential setback in Hong Kong last week. Suen, who is the largest shareholder in Birmingham Sports Holdings, quit his role as Non Executive Director at EPI Holdings (689:HK) after a shareholder revolt at the company’s AGM.