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2004-3-17 10:08:00 a.m. HKT, XFNA
Hong Kong-listed Artfield's subsidiary to buy stake in China medical business
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HONG KONG (AFX-ASIA) - Hong Kong-listed Artfield Group Ltd's (1229.HK)
wholly-owned subsidiary Easy Link Assets Ltd will take a 49 pct stake in
Success Start Holdings Ltd, a holding company with core interests in the
medical business in China, in a deal valued at 15.35 mln hkd.
""As the group expects high growth in the future development of the
Chinese pharmaceutical industry, it will therefore diversify its existing
business by leveraging on acquisition of potential companies,"" the company
said in a statement.
Easy Link will buy the stake from two independent parties, Lin Dong Hong
and Wang Wen Bin, it said.
The consideration will be satisfied by the issue of 21.939 mln shares of
Artfield Group Ltd at 0.80 hkd each to Lin and Wang. The price represents a
premium of 14.3 pct to the closing price of 0.70 hkd on Mar 15.
The shares represent 9.1 pct of Artfield's 240.5 mln existing issued
shares and 8.4 pct of its enlarged share capital, giving Lin a 4.3 pct stake
in Artfield and Wang 4.1 pct.
The public's stake in Artfield will fall to 46.2 pct from 50.5 pct.
After the deal, Lin, Wang and Easy Link will hold 26 pct, 25 pct and 49
pct of Success Start respectively.
Success Start is an investment holding company with a 80.17 pct stake in
Anxi Medicine-Make Co Ltd Fujian and 87 pct in Beijing Xipu Biotechnology Ltd.
Besides these two, it has no other investments, the company added.
Artfield is engaged in the manufacturing and marketing of clocks and
lighting products, metal trading and provision of electroplating services.
(1 usd = 7.8 hkd)
jill.wong@afxasia.com
jyw/mh
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