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2003-12-12 11:47:00 a.m. HKT, XFNA
Hong Kong-listed Perfectech Intl buys toy company stake for 15.34 mln hkd
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HONG KONG (AFX-ASIA) - Perfectech International Holdings Ltd (765.HK)
said it bought for 15.34 mln hkd a 59 pct stake in Rich Success Profits Ltd,
a toy and consumer product manufacturer.
Perfectech said in a statement it believes the acquisition will
complement and strengthen its main business of making plastic materials and
packaging products.
It bought a combined 1.45 mln shares in Rich Success, including the
entire 49 pct stake of Dynamic Champion Inc, or 1.204 mln shares in the toy
company.
Another Rich Success shareholder Glennie Profits Ltd sold 7 pct, reducing
its stake to 18.5 pct, and First View Holdings Ltd sold 3 pct retaining a 22.
5 pct interest in the toy maker.
Perfectech paid the vendors 7.67 mln and will make two more cash payments
on Dec 22 and in February next year.
As of Sept 30, Rich Success' audited net asset value stood at 30 mln hkd.
(1 usd = 7.8 hkd)
leonora.walet@afxasia.com
lw/mh
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