By Joshua Kirby

Uncertainty continues to surround the ownership of French fashion group SMCP SAS, which says it hasn't been notified of the details of a contested stake sale by its former parent.

Replying to a letter sent this week by shareholder representative Gouvernance en Action, Chief Executive Isabelle Guichot said the company hadn't been notified of a stake sale by European TopSoho, which until last month held a controlling interest of around 53% in the company.

The Luxembourg-based holding subsidiary of Chinese apparel conglomerate Shandong Ruyi Technology Group lost control of SMCP when it handed over around 22 million shares--a roughly 29% stake--to bond trustee Glas, after failing to redeem bonds worth 250 million euros ($287 million) due at the end of September.

Last week, SMCP said ETS had sold a further stake of around 16% to an unidentified third party. However, no relevant filings have been made, according to Ms. Guichot. "We have received no declaration of the crossing of a disposal threshold by ETS after the sale of the aforementioned 12,106,929 SMCP shares," she said in her reply dated Wednesday.

"We have furthermore received no declaration of the crossing of an acquisition threshold by a third party in connection with this disposal," she added. Nor has any relevant notice been published by the French capital-markets authority, Ms. Guichot said.

"In light of the absence of any such declaration, we are unable to provide any information as to the identity of the buyer or buyers of the disposed shares," she said.

SMCP will hold a board meeting in the coming days in order to discuss the current situation and the demands set out by trustee GLAS when it acquired its stake from ETS, Ms. Guichot said. Glas, which has appointed a receiver to sell the stake to a third party, has called for a shareholders' meeting to be convened, including on the agenda the dismissal of all ETS and Shandong Ruyi representatives from the company's board, and the appointment of four new independent directors.

Glas has meanwhile filed a bankruptcy petition against ETS at a Luxembourg court, and has suggested the latter's further stake disposal could be illegal. "As trustee, we continue to reserve our rights in full and will take all measures necessary to preserve the interests of all bondholders," the company said in a statement last week.

ETS and Shandong Ruyi didn't respond to a request for clarification of their position.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

11-11-21 0622ET