MAN WAH HLDGS (01999.HK): Acquires Approximately 3.26% of DFS for GBP 12.47 Million from Connected Person, Stake to Rise to about 8.58%
NewTimeSpace News: On 31 August 2026 (after trading hours), Man Wah Holdings Limited (stock code: 01999) entered into an agreement with Man Wah Wong Family Investment Limited (the vendor) to acquire 7,684,126 target DFS shares for a consideration of GBP 12,471,336 (approximately HKD 132,320,875), equivalent to GBP 1.623 per target DFS share and, based on publicly available information, approximately 3.26% of the total issued shares of DFS.
According to the announcement, the vendor is 80% owned by Mr. Wong Man Li, an executive director and controlling shareholder of the Company, and is therefore a connected person of the Company under the Listing Rules, making the acquisition a connected transaction under Chapter 14A. As one or more of the applicable percentage ratios, when aggregated with the previous acquisitions, exceed 0.1% but are all below 5%, the acquisition is subject to the reporting and announcement requirements but exempt from the circular and independent shareholders' approval requirements under Chapter 14A. Mr. Wong Man Li, Ms. Hui Wai Hing and Ms. Wong Ying Ying (being shareholders and a director of the vendor respectively) have abstained from voting on the relevant board resolution.
Prior to the acquisition, the Group held 12,565,028 DFS shares, all acquired under the previous acquisitions; upon completion, based on publicly available information, the Group will hold 20,249,154 DFS shares, representing approximately 8.58% of the total issued shares of DFS. The consideration will be funded by the Group's internal resources and settled in cash.
DFS is a leading upholstered furniture retailer in the UK, operating an integrated physical and digital retail network of living room furniture showrooms and websites in the United Kingdom and the Republic of Ireland, trading under the two retail brands DFS and Sofology, and has been listed on the London Stock Exchange since 2015. According to the announcement, DFS recorded revenue of GBP 547.7 million and profit for the period of GBP 22.7 million in the first half of FY2026 (unaudited), and revenue of GBP 1,030.3 million and profit for the period of GBP 24.2 million in FY2025 (audited), and has been one of the Group's top ten customers in recent years. The Board (including the independent non-executive directors) considers that the terms of the acquisition are on normal commercial terms, fair and reasonable, and in the interests of the Company and its shareholders as a whole.
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