 |
|
  |
2003-11-17 09:04:00 a.m. HKT, XFNA
HK-listed South China Industries sells footwear business for 68 mln hkd
|
| |
HONG KONG (AFX-ASIA) - Hong Kong-listed South China Industries Limited
said a wholly-owned subsidiary South China Industries (China) Ltd has agreed
to sell its footwear business for 68 mln hkd to Sino Pioneer, an indirect
wholly-owned subsidiary of Wah Shing International Holdings Ltd.
South China Industries has a 53.27 pct indirect stake in Wah Shing
International Holdings, which is listed on the Singapore Stock Exchange.
South China Industries said it plans to use the net proceeds for general
working capital purposes, and it has no specific investment plans for now.
""The disposal is part of the company's current strategy to rationalize
and restructure its businesses into clearly demarcated business segments,""
the company said in a statement.
(1 usd = 7.8 hkd)
jill.wong@afxasia.com
jyw/mh
AFN |
| |
News Provided by XFNA |
| |
|
| Copyright(C) AASTOCKS.com Limited 2000. All rights reserved |
| |
|
|
|
