Crocodile boss share-sale deal terminated

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Hong Kong-listed Crocodile Garments Ltd. announced yesterday that its chairman and chief executive officer Lam Kin Ming’s possible deal selling half of the company’s shares has been terminated. The clothing retailer first announced in January this year that Dr. Lam had entered into a memorandum of understanding with an independent third party regarding a possible acquisition of his 472.2 million ordinary shares of Crocodile Garments, which represents 50.5 per cent of the company’s total issued share capital. As at the end of January, the company, whose business is primarily located in Hong Kong and Macau, operated 22 shops for the Crocodile line and seven shops for the Lacoste line.