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2003-8-28 10:11:00 a.m. HKT, XFNA
HK's Swank Intl, Tomorrow terminate deal on Profitown transaction
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HONG KONG (AFX-ASIA) - Swank International Manufacturing Co Ltd (663.HK)
said it and Tomorrow International Holdings Ltd (760.HK) have terminated
their agreement regarding the sale of a 30 pct stake in Profitown Investment
Corp.
In March, Swank said it agreed to sell to Tomorrow unit Probest Holdings
Inc a 30 pct stake in Profitown, along with a loan, at an aggregate
consideration of 3.00 mln hkd.
The directors of Swank are now considering other fund-raising
alternatives, it said in a statement.
Due to the termination of the deal, the loan in the principal sum of 250
mln owed by Swank to Probest will remain outstanding. Some 62.50 mln of this
amount has been overdue.
Swank is in discussion with Probest on other possible settlement
arrangements in relation to the loan.
No concrete plan has been formulated yet and the fund-raising exercises
may or may not proceed, it said.
(1 usd = 7.8 hkd)
susanna.tai@afxasia.com
st/skb
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