China Sunsine Chemical independent director mistakenly sells part of stake

Rubber bicycle tyre; taken September 2018.Rubber bicycle tyre

China Sunsine Chemical reported late Thursday Yan Tangfeng, its independent director, mistakenly sold 200,000 of his shares in the company.

“The disposal was made by mistake by the spouse of the director. The shares disposed off were held in a nominee account in the joint names of the director and his spouse who executed the sale without the director’s knowledge,” China Sunsine Chemical said in a filing to SGX.

Yan’s deemed interest in the company fell to 0.17 percent, or 1.692 million shares, from a 0.19 percent stake, or 1.892 million shares previously, the filing said.

The shares were sold for S$0.52 each in a market transaction, the filing said.

Yan was appointed as independent director in September 2019, and he has more than 15 years of experience in corporate finance and investment management, according to China Sunsine Chemical’s website. Yan is also currently president of Sinolion Holdings, responsible for investment management and business operations, the website said.

China Sunsine Chemical is a specialty rubber chemicals producer.