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2003-9-2 10:48:00 a.m. HKT, XFNA
HK's China Investments suspends business of two Foshan subsidiaries
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HONG KONG (AFX-ASIA) - China Investments Holdings Ltd (132.HK) said it
has suspended operations at its two wood products subsidiaries in response to
an order by the Intermediate People's Court of Foshan city to freeze up to 40
mln yuan of their assets.
The two subsidiaries are Nanhai Jia Shun Timber Co Ltd, acquired in May
2002 and Nanhai Heng Da Timber Company Ltd, acquired in June 2002.
The company said in a statement the order was issued in response to
claims filed by Shenzhen Development Bank Foshan Branch in relation to bank
loan contract disputes.
The company said it is in the process of fact finding and has instructed
Chinese lawyers to look into the matter.
It said its business operations and financial position will be adversely
affected if the subsidiaries fail to defend themselves against the
allegations and their production is suspended for a prolonged period.
Trading in shares of China Investments Holdings will remain suspended
until further notice, the statement said.
China Investments, suspended since Aug 18, closed at 0.168 hkd on Aug 15.
(1 usd = 7.8 hkd
1 usd = 8.3 yuan)
peter.chan@afxasia.com
ptc/mh
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