 |
|
  |
2003-11-17 11:39:00 a.m. HKT, XFNA
HK-listed Pacific Plywood in talks to sell subsidiary for 150,000 usd
|
| |
HONG KONG (AFX-ASIA) - Pacific Plywood Holdings Ltd (767.HK) said it is
in talks for the possible disposal of a wholly-owned unit for 150,000 usd.
It did not name the subsidiary or give other details, but said it plans
to dispose of the stake, including the unit's 75 pct interest in a China
equity joint venture, which sells and manufacture flooring products.
Based on the unaudited management accounts, the net liability of both
units as of Sept 30 was 3.3 mln usd. Last year, the units' combined full-year
losses amounted 3.0 mln usd.
The company expects its cash flow and profitability to improve after the
disposal.
Pacific Plywood said it disclosed the information at the request of the
stock exchange, which asked for an explanation for the recent increases in
its share price and trading volume.
Its stock was suspended at the request of Pacific on Friday. Trading in
its shares resumed today.
(1 usd = 7.8 hkd)
leonora.walet@afxasia.com
lw/ds
AFN |
| |
News Provided by XFNA |
| |
|
| Copyright(C) AASTOCKS.com Limited 2000. All rights reserved |
| |
|
|
|
