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2003-5-19 10:08:00 a.m. HKT, XFNA
RPT - HK's VS International unit to acquire 20 pct stake in VS Haier
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(Repeating to clarify headline)
HONG KONG (AFX-ASIA) - VS International Group Ltd (1002.HK) said its
indirectly owned unit HAIVS Industry (Qingdao) Co Ltd has agreed to pay 14.8
mln yuan to acquire a 20 pct in VS Haier Electronics Plastic (Qingdao) Co Ltd
from Qingdao Haier Investment Development Ltd.
VS Haier is a China-based sino-foreign joint venture in which VS
Investment Holdings Ltd had an 80 pct interest and Qingdao Haier Investment
Development Ltd a 20 pct stake before the latest transaction, it said in a
statement.
VS International owns about 99.99995 pct of VS Investment, which in turn
holds the entire interest in HAIVS Industry.
Upon completion of the transaction, VS Investment and HAIVS Industry will
own 80 pct and 20 pct in VS Haier, respectively.
The net asset value of VS Haier stood at 63.454 mln yuan at end-2002.
susanna.tai@afxasia.com
st/tr
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