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2003-6-16 11:02:00 a.m. HKT, XFNA
HK's Raymond Industrial says failed to disclose 175.149 mln hkd loan guarantee
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HONG KONG (AFX-ASIA) - Raymond Industrial Ltd (229.HK) said it has
breached a listing rule by failing to disclose guarantees amounting to 175.
149 mln hkd it provided to two indirect subsidiaries for loans obtained from
Bank of China.
The amount is equivalent to 32.5 pct of the company's net assets of 532.
377 mln hkd as of Dec 31, 2002 and has exceeded the 25 pct threshold for full
disclosure.
The company said in a statement its failure to disclose these guarantees
has breached Practice Note 19 Paragraph 3.2.1 of the Listing Rules.
The Stock Exchange of Hong Kong has indicated that it reserves the right
to take action against the company for failure to disclose these guarantees,
the statement said.
The sum was borrowed by the units to acquire production facilities.
peter.chan@afxasia.com
ptc/jtz
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