China MeiDong Auto (01268) said its controlling shareholder Apex Sail Limited agreed to pledge an additional 30 million shares in favour of an independent third party as a security for a term loan facility up to a maximum aggregate amount of HK$70 million provided to MeiDong Auto by the lender.
The further pledged shares together with the previous pledged shares represent around 17.75% of the total issued shares of MeiDong Auto. Apex Sail currently holds about 68.77% stake in MeiDong Auto.
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