China Kangda drops 22% as key holders sell out at discount

Singapore

SHARES of food processor China Kangda Food Co fell 21.9 per cent on Tuesday after the company said that key directors and shareholders were selling their interests to a China-based mining company for a sharp discount.

The completion of the disposals, which would give China Tian Yuan Manganese a 69.2 per cent stake in China Kangda, will trigger a mandatory general offer for the rest of the company.