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2004-2-19 02:07:00 p.m. HKT, XFNA
STOCK ALERT - Hong Kong-listed Tian An down on China Online's placement plan
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HONG KONG (AFX-ASIA) - Hong Kong-listed Tian An China Investments Co Ltd
(28.HK) fell more than 12 pct in the morning on concerns about China Online
(Bermuda) Ltd's (383.HK) plan to dispose of 728 mln shares in the company.
At midday, Tian An fell 12.12 pct or 0.04 hkd to 0.29 hkd, with 863 mln
shares worth 257 mln hkd traded. It was the third largest percentage loser on
the Hong Kong Stock Exchange.
Sources told AFX-Asia that China Online was placing shares in property
developer Tian An China Investments Co Ltd at 0.30 hkd. The 728 mln shares
placed represent 9.27 pct of Tian An's issued share capital of 7.84 bln
shares, and the move will reduce China Online's stake to about 3 pct from 12.
25 pct.
China Online has requested that trading in its own shares be suspended
pending an announcement in relation to the disposal, the Stock Exchange said.
Tian An China is engaged in property development, merchandise trading and
agency services, hotel and property management. The company is worth 2.59 bln
hkd by market capitalization.
(1 usd = 7.8 hkd)
jill.wong@afxasia.com
jyw/mh
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