MTY chairman Stanley Ma selling up to 880,000 shares in company

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MONTREAL — MTY Food Group Inc. says Stanley Ma, the company's founder, president and chairman, is selling up to 880,000 of his shares in company.

The restaurant franchisor and operator says the sale represents a 3.56 per cent stake in the company.

It says the sale is for personal reasons, estate planning purposes and in support of Ma's philanthropic endeavours.

If all 880,000 shares are sold, Ma will still hold, directly or indirectly, four million MTY shares for a 16.21 per cent stake in the company.

He will continue to be the largest shareholder of MTY and will remain president and chairman of the board.

MTY is the company behind more than 80 brands, including food court staples like Thai Express and Tiki-Ming.

This report by The Canadian Press was first published April 12, 2021.

Companies in this story: (TSX:MTY)

The Canadian Press