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2003-5-22 11:44:00 a.m. HKT, XFNA
STOCK ALERT - Tai Ping Carpet sharply higher on privatisation bid
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HONG KONG (AFX-ASIA) - Tai Ping Carpets (146.HK) was sharply higher
midmorning on a privatisation offer from major shareholders the Kadoorie
family and John J Ying, dealers said.
At 11.13 am, Tai Ping Carpet was up 0.7 hkd, or 79.545 pct, at 1.58 on
volume of 278,500 shares.
The Hang Seng Index was down 5.49 points at 9,054.31.
In a statement, the company said the offer was made on behalf of Kadoorie
family trusts Esko Ltd and Hesko Ltd, which together own 51.6 pct of the
issued shares, and iVentures I, LP, which owns a 5.4 pct stake.
iVentures is one third held by John J Ying, a Tai Ping director.
Tai Ping said it will revise the timetable for payment of it final
dividend of 0.03 hkd, as a result of the offer, with cheques to be dispatched
to shareholders on or around July 15, instead of June 26.
peter.chan@afxasia.com
ptc/ds/skb
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