Chow Tai Fook-linked firms set for record US$192 million hit in Giordano case
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In a landmark settlement, Chow Tai Fook Nominee's subsidiaries will pay up to US$192 million to Giordano International's independent shareholders for breaching Hong Kong's Takeovers Code. The Securities and Futures Commission found that CTFN and associated parties failed to make a required general offer after exceeding a 30% stake in Giordano. The settlement involves cash payments to affected shareholders, with a maximum potential payout of HK$1.5 billion. Despite agreeing to the settlement, the companies deny any wrongdoing. Giordano's shares rose 0.67% to HK$1.51 on the last trading day of the Year of the Snake.
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