HK regulator says censures Templeton over Denway Motors stake

HONG KONG, Dec 14 (BestGrowthStock) – Hong Kong’s securities
regulator said on Tuesday it had publicly censured Templeton
Asset Management for breaching the Code of Takeovers and
Mergers in share dealings in Denway Motors Limited.

The Securities and Futures Commission (SFC) said Templeton
boosted its shareholding in Denway from 13.96 percent to 15.47
percent between January 26 and April 15 this year, but failed
to make “public disclosure of these dealings as required by
the Takeovers code”.

The SFC said Templeton has accepted the breach and taken a
number of measures to ensure future compliance with the code.

Denway was privatised by its parent Guangzhou Automobile
Group (GAC) to give way for GAC’s own listing in
Hong Kong in August 2010. [ID:nTOE656083]

(Reporting by Rachel Armstrong)

HK regulator says censures Templeton over Denway Motors stake