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2004-2-4 11:22:00 a.m. HKT, XFNA
STOCK ALERT - Hong Kong-listed Wai Kee up on Sun Hung Kai Properties interest
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HONG KONG (AFX-ASIA) - Shares in Hong Kong-listed Wai Kee Holdings Ltd
topped the local market's early gainers list after leading developer Sun Hung
Kai Properties Ltd said it will buy Wai Kee's interest in a property
development project for 593.2 mln hkd.
Wai Kee jumped 0.14 hkd or 11.96 pct to 1.31 on volume of 2.66 mln shares
worth 3.5 mln hkd.
Dealers said investors cheered Sun Hung Kai's interest in a Wai Kee owned
company, Asian Reward Development Ltd, whose main assets include a 50 pct
stake in First Star Development Ltd, a company set up to develop a property
in Hung Hom Bay reclamation area in Kowloon.
They said the planned acquisition also helped lift Sun Hung Kai shares 1.
25 hkd or 1.69 pct to 75.25.
Wai Kee's wholly owned subsidiary Main Success Investments Ltd will sell
the entire issued share capital of Asian Reward Development Ltd comprising
one share of 1.0 usd to Sun Hung Kai Properties.
Sun Hung Kai will also take over a loan of 108.7 mln hkd owed by Asian
Reward to Wai Kee.
Dealers said the sale will improve the Wai Kee's cash position as it
plans to use 150 mln hkd of the net proceeds of about 490 mln hkd to repay
bank financing and the remainder for general working capital and future
investments.
(1 usd = 7.8 hkd)
leonora.walet@afxasia.com
lw/ram
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