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2004-3-2 10:42:00 a.m. HKT, XFNA
Hong Kong-listed Shenzhen High-Tech subsidiary to grant loan to related co
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HONG KONG (AFX-ASIA) - Hong Kong-listed Shenzhen High-Tech Holdings Ltd
(106.HK) said wholly owned subsidiary Cathay Holdings will grant a 15 mln
yuan loan to related firm Wuhan Jingke Information Industry Co Ltd.
Wuhan Jingke Information, a manufacturer of telecommunication components,
will use the loan as working capital, the company said in a statement.
Shenzhen High-Tech has a 51 pct stake in Wuhan Jingke Information, which
is held through wholly owned Marax Development Ltd.
The remaining 49 pct is under the control of Wuhan Jingke Information
Science & Technology Investment Co Ltd, a company incorporated in China and
60 pct owned by an individual, Zhuang Younian.
Shenzhen High-Tech is an investment holding company, and the group is
engaged in information technology, property investment, securities trading
and provision of financial services.
As the loan amount falls within the minimum exemption of the listing
rules, independent shareholder approval is not required for the loan
agreement, the company said in a statement.
(1 usd = 8.3 yuan)
jill.wong@afxasia.com
jyw/ds
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