Shen increases stake in Mega

Last updated 17:48 04/08/2014

Relevant offers


Frozen yoghurt firms face charges Auckland hotel rates will continue to rise, Hospitality Association says Transport agency to fix Raynes Road intersection Jetstar's first Napier to Auckland regional flight touches down early Construction starts on new Kawarau Falls Bridge at Queenstown entrance Miriama Kamo's builder pleads guilty Air New Zealand cops flak for poking fun at Jetstar Police taking right steps on payroll problems says minister Michael Woodhouse Dick Smith cuts the value of its stock QV: House prices continue upward trend but new rules easing Auckland market

Chinese investor Zhao Wu Shen has upped his stake in Mega, ahead of the proposed sharemarket float of the Kim Dotcom-founded online file-storage service.

TRS Investments, an NZX-listed shell company that plans to carry out a reverse takeover of Mega to enable the backdoor-listing, said on Friday that Mega had completed a US$7 million capital-raising.

The capital-raising has not been confirmed by Mega, which is between chief executives.

However, documents filed with the Companies Office suggest Shen supported the offer. The number of Mega shares on issue has risen by about 10 per cent to 130855.

The Dotcom family's share in Mega has fallen to 16.2 per cent and the share owned by chief technology officer Mathias Ortmann, who is understood to be in day-to-day charge of the firm,  dropped to 16.6 per cent.

TRS expects to put a vote on its reverse takeover of Mega to shareholders by the end of October.


Ad Feedback

- Stuff


Special offers

Featured Promotions

Sponsored Content