On 16 September 2020, SFC took action re International Housewares Retail.
- Commenced disciplinary proceedings against Ngai Lai Ha, chairperson of International Housewares Retail Company Limited over breach of code on takeovers and mergers.
- SFC alleges that in a number of acquisitions of the company’s shares, Ngai acquired each time more than 2% voting rights from her lowest collective percentage interest in the preceding 12 months, without making a mandatory general offer under the code.
- Identified 13 separate instances from March to May 2019 where Ngai had triggered an obligation to make a mandatory general offer, but had not made such an offer.
- Each of these instances is a breach of rule 26.1(d) of the takeovers code.