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2004-3-4 09:23:00 a.m. HKT, XFNA
Hong Kong's Yue Yuen unit to acquire about 44.96 pct of Eagle Nice
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HONG KONG (AFX-ASIA) - Athletic footwear manufacturer Yue Yuen Industrial
(Holdings) Ltd (551.HK) unit Great Pacific Investments Ltd said it has agreed
to take up 105 mln new placement shares in Eagle Nice (International)
Holdings Ltd (2366.HK) at 1.06 hkd each.
Great Pacific has also agreed to subscribe to a convertible note Eagle
Nice issued at a price of 207.06 mln hkd, it said in a statement.
The total consideration of 318.36 mln will be paid in cash.
Great Pacific is expected to hold an interest of about 44.96 pct in Eagle
Nice on completion of the transactions.
Net proceeds from the subscription and placement of shares are expected
to amount to 339.8 mln hkd, which Eagle Nice will apply to fund the expansion
of its core business of design and manufacture of sportswear.
(1 usd = 7.8 hkd)
susanna.tai@afxasia.com
st/ds
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