Asian Citrus squeezed again

Shares in Chinese orange plantations owner Asian Citrus Holdings were squeezed again on Monday after it emerged last Friday that an investment vehicle controlled by executive directors had cut its stake in the company.

Market Ahead Investments sold 50m Asian Citrus shares in an off-exchange transaction at an average price of HK$4.34, roughly equivalent to 35.12p, on November 5th.

Market Ahead Investments is majority owned by Asian Citrus's Chairman, Tong Wang Chow, who has a 76% stake, but Asian Citrus executive director Tong Hung Wai, known as "Tommy", also holds a 6% stake.

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The sale reduced Market Ahead Investments' stake in Asian Citrus to 18.46%.

After taking a dive on Friday on the news shares in the firm hit a 52-week low on Monday.

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