Contel Technology (HKG:1912) said the Hong Kong Stock Exchange has granted a temporary waiver after the company's public float fell below the required 25% minimum following the close of an offer.

As of Sept. 11, 109.1 million shares, or about 23.66% of the company's issued share capital, were held by the public, according to a Wednesday Hong Kong bourse filing.

The exchange granted the company a temporary waiver until Nov. 6, allowing it time to restore the required 25% public float.

The offeror plans to restore the required public float by selling shares in the open market. It will assess the outcome in October and may subsequently arrange a share placement to independent third parties if needed.