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2003-11-24 10:56:00 a.m. HKT, XFNA
HK's V.S. Intl applies for stock exchange waiver for connected transactions
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HONG KONG (AFX-ASIA) - Hong Kong's V.S. International Group Ltd said it
has applied to the stock exchange for a waiver from strict compliance for
ongoing transactions between its subsidiary VSA (HK) and Sumitronics Hong
Kong Ltd (STX), which holds a 10 pct stake in VSA (HK).
STX became a substantial shareholder of VSA (HK) on April 11, 2003, which
processes printed circuit boards for electronics products for STX.
The orders were worth about 1.4 mln hkd for the April 11 to July 31
period, V.S. International said in a statement.
During Aug 1 to Oct 31, STX placed with VSA (HK) orders worth about 5.5
mln hkd, and another batch worth 13.2 mln hkd is expected.
Processing fees from these transactions for each financial year, which
ends in July, are expected to exceed 10 mln hkd or 3 pct of the book value of
the group's net tangible assets, the statement said.
This will need the independent shareholders' approval under the listing
rules of the Stock Exchange of Hong Kong, and the directors feel it would be
more practical to apply for a waiver.
The company said it had previously applied to the stock exchange for a
waiver for connected transactions of less than 10 mln hkd or 3 pct of the
group's net tangible assets, whichever is the higher.
The former waiver will be revoked upon the granting of the new waiver by
the Stock Exchange of Hong Kong, the statement added.
(1 usd = 7.8 hkd)
jill.wong@afxasia.com
jyw/mh
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