Non-ED records first sales in New World Dev (17.HK) on 32% price gain
Non-Executive Vice Chairman William Doo Wai Hoi recorded his first sales in blue chip infrastructure and property play New World Development Company Limited (17.HK) [MKT CAP 94.9B] since his appointment to the Board in 2013 with 9 million shares sold from September 22 to 28 at an average of $10.26 each [AI SCORE 5.4]. The trades, which accounted for 9% of the stock's trading volume, reduced his holdings by 8% to 101.929 million shares or 1.09% of the issued capital. The disposals were made on the back of the 32% rise in the share price since July from $7.76. The sales were also made after the Company announced on September 21 a 54.3% drop in YE profit to $12.283 billion for the 12 months to 30 June 2016. The sales by the Vice Chairman were made at a profit based on the 105.6 million shares that he acquired from April 2014 to July this year at $1.66 to $8.01 each or an average of $6.64 each. Aside from Mr. Doo, two other directors have sold shares this year with Executive Director Leonie Ki Man Fung and Chairman Henry Cheng Kar Shun unloading a combined 1.4 million shares from July 15 to 21 at $8.32 to $8.89 each or an average of $8.64 each. Executive Director Leonie Ki recorded her first on-market trade since her appointment to the Board in December 2008 with 801,000 shares sold on July 21 at $8.87 each [AI SCORE 4.5]. The trade reduced her holdings by 24% to 2.492 million shares or 0.03% of the issued capital. The sale was made at a profit based on the 801,000 shares that she acquired via exercise of options on the same day at $7.54 each. Chairman Henry Cheng, on the other hand, recorded his first on-market sale based on filings on the Exchange since 1993 with 600,000 shares sold on July 15 at $8.32 each [AI SCORE 5.1]. The trade lowered his stake by 5% to 10.676 million shares or 0.11%. He previously acquired an initial 300,000 shares in November 2005 at $9.60 each. The blue chip was trading at $10.12 on October 4 (Asia Insider News Oct 4, 2016).
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