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2003-10-16 11:11:00 a.m. HKT, XFNA
HK's Tem Fat says Smartgood makes a mandatory cash offer at 0.08 hkd per share
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HONG KONG (AFX-ASIA) - Tem Fat Hing Fung (Holdings) Ltd (661.HK) said
Smartgood Investment Ltd will make an unconditional mandatory cash offer for
all shares in the company at 0.08 hkd each.
Smartgood Investment exercised its holding of convertible bonds issued by
Tem Fat in 1992 and subscribed for 232.88 new shares in Tem Fat at 0.04 each
on September 16.
Smartgood also acquired from chairman Jenkin Cheung 906.00 mln existing
shares in Tem Fat at 0.08 each on September 19.
It holds 74.38 pct of Tem Fat after the two moves and is required to make
an unconditional mandatory cash offer for all shares in Tem Fat it does not
already own at 0.08 hkd each under Hong Kong's Takeovers Code.
Smartgood, controlled by a Hong Kong businessman Zhou Weirong, intends to
continue the existing business of Tem Fat and does not plan to inject assets
into Tem Fat.
Tem Fat will appoint Zhou as its chairman, replacing the outgoing Cheung
who will remain as an executive director, the company said.
(1 usd = 7.80 hkd)
peter.chan@afxasia.com
ptc/ram
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