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2002-7-2 09:57:00 a.m. HKT, XFNA
Universal Technologies unit arranges 20 mln yuan bills issue to Shanghai Yi
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HONG KONG (AFX-ASIA) - Universal Technologies Holdings Ltd (8091.HK) said
its indirect unit Universal iPayment China has arranged with commercial
banks the issue of 20 mln yuan worth of master acceptance bills to a third
party, Shanghai Yi Mei.
In a statement, the company said that under the arrangement, Universal
iPayment is entitled to a fee of 3.0 pct of the 20 mln yuan bills or 600,000
yuan.
The settlement of the bills has been fully guaranteed by Jiangxi Paper
Industry Co Ltd, a business partner of Shanghai Gao Yuan Property (Group) Co
Ltd and Shanhgai Yi Mei Trading Co Ltd.
Shanghai Gao Yuan holds an indirect 30 pct interest in Shanghai Yi Mei
and a 40 pct stake in iPayment China, the company said.
ra/rc
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