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2003-8-6 08:48:00 a.m. HKT, XFNA
HK's Wai Kee executes counter indemnity in favor of Chow Tai Fook
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HONG KONG (AFX-ASIA) - Wai Kee Holdings Ltd (610.HK) said it executed a
counter indemnity in favour of Chow Tai Fook Enterprises Ltd, which had
issued a loan guarantee and performance obligation for a joint project in
Hong Kong's Hunghom district.
Chow Tai Fook issued the guarantee for loans secured by First Star
Development Ltd from HSBC and over certain performance obligations related to
the project.
First Star Development is equally owned by Wai Kee and NWS Holdings Ltd,
which is substantially controlled by Chow Tai Fook.
The counter indemnity was given to reflect Wai Kee's 50 pct stake in
First Star Development.
Other than the counter indemnity, as at July 31, 2003, the outstanding
loan from Wai Kee to First Star was 49.403 mln hkd, it said.
(1 usd = 7.8 hkd)
wilfred.lee@afxasia.com
wl/mh/skb
AFN |
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