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2003-11-14 03:31:00 p.m. HKT, XFNA
HK's Grandy Applied to restructure; no pay for top managers
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HONG KONG (AFX-ASIA) - Grandy Applied Environmental Technology Corp (8143.
HK) said it will implement a restructuring plan under which seven senior
managers will not be paid until the firm posts four quarters of profitability.
In a statement, the environmental solutions provider said the move will
save the company 700,000 hkd a quarter in staff expenses.
Chief Eeecutive Raymond Tsoi is among the seven who has committed not to
receive a salary.
Grandy also plans to reduce its exposure to low-margin business segments
and concentrate efforts and resources on its core operations of enzymes and
energy-saving solutions.
The plan follows Grandy's placement in early October of 287 mln new
shares, or 24.77 pct of its enlarged capital, to KOSDAQ-listed Key
Engineering Co Ltd at 0.035 hkd each.
Grandy said it will work with Key to acquire or invest in higher margin
environmental companies which can ""add strategic and operational value to its
existing businesses and can materially contribute to its profitability on a
consolidated basis.""
""Such add-on acquisitions will be made with cash or by using the stock of
Grandy as currency,"" the statement said.
(1 usd = 7.80 hkd)
peter.chan@afxasia.com
ptc/js/ds
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