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2003-3-5 10:26:00 a.m. HKT, XFNA
Swank to sell 30 pct stake in Profitown/loan to Tomorrow's unit for 3 mln hkd
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HONG KONG (AFX-ASIA) - Swank International Manufacturing Co Ltd (663.HK)
said it has agreed to sell to Tomorrow International Holdings Ltd (760.HK)
unit Probest Holdings Inc a 30 pct stake in Profitown Investment Corp, along
with a loan, at an aggregate consideration of 3 mln hkd.
The consideration will be satisfied by Probest upon completion by
offering an equivalent amount of 3 mln hkd of the outstanding principal of
the unsecured loan with an aggregate amount of 250 mln owed by Swank to
Probest, it said in a statement.
Probest said it has agreed to waive the repayment of the outstanding
amount of 47 mln hkd of the loan, while the remaining principal balance of
200 mln will be settled by way of an issue of convertible notes with an
equivalent face value.
Upon completion of the deals, Swank will retain a 70 pct stake in
Profitown Investment.
susanna.tai@afxnews.com
st/jtz
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