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2003-3-20 09:27:00 a.m. HKT, XFNA
Founder Holdings sells two units to EC-Founder for 71.5 mln hkd
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HONG KONG (AFX-ASIA) - Founder Holdings Ltd (418.HK) has agreed to sell
Founder Century (Hong Kong) Ltd and Founder (Hong Kong) Ltd to EC-Founder
(Holdings) Co Ltd (618.HK) for a consideration of 71.5 mln hkd.
In a joint statement, the companies said the consideration will be
satisfied through 5.16 mln hkd in cash, 280 mln EC-Founder shares at 0.2185
hkd per share and a final payment of 5.16 mln in cash or additional shares,
or a mixture of both, should Founder Hong Kong decide, six months after
completion of the transaction, depending on the reviewed NAV.
If Founder Hong Kong requests for the additional shares to be issued in
relation to the consideration, the consideration and additional shares will
represent 27 pct of EC-Founder's enlarged share capital.
Founder group currently holds a 39.45 pct in EC-Founder.
Upon completion of the transaction, Founder group will have 54.85 or 55.8
pct voting rights in EC-Founder, depending on whether the additional shares
are issued or not.
Founder Century and Founder (Hong Kong) are principally engaged in the
distribution of information products in Hong Kong and China and have been
suppliers of integration systems to other members of the Founder Group.
EC-Founder last traded at 0.20 hkd and Founder Holdings at 0.69.
julie.wang@afxnews.com
wj/wpf
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