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2004-1-8 10:12:00 a.m. HKT, XFNA
Hong Kong-listed Perfectech sees 13.7 mln hkd from subscription by owner
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HONG KONG (AFX-ASIA) - Perfectech International Holdings Ltd (765.HK)
said it expects to receive 13.7 mln hkd from Mime Ltd, a company shareholder,
which is subscribing to 21 mln new Perfectech shares at 0.68 hkd.
In a statement, the company said the proceeds from the subscription was
intended to boost its novelties and packaging products-making business.
The subscription comes on the heels of a share placement by Mime, which
owns 36.12 pct of Perfectech, of 21 mln existing Perfectech shares at 0.68
hkd with independent investors. Mime sees placement revenues at 14.3 mln hkd.
The 21 mln new shares represent 6.94 pct of the issued share capital of
Perfectech. They were sold each at a 15 pct discount to the closing price of
0.80 hkd per share as quoted on the Hong Kong stock exchange last January 5.
Following the placement and subscription of shares, Mime's shareholding
will be trimmed to 35.68 pct.
(1 usd = 7.8 hkd)
leonora.walet@afxasia.com
lw/ram
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