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2004-6-30 11:10:00 a.m. HKT, XFNA
Hong Kong-listed YGM unit buys France's Societe Guy Laroche for 17 mln usd
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HONG KONG (AFX-ASIA) - YGM Trading Ltd (375.HK), which is engaged in the
manufacture and retailing of apparel and accessories, said its partly-owned
unit YGM Studio Ltd has acquired France's Societe Guy Laroche for 17 mln usd.
The company believes the move is in line with the group's plans to
continue marketing the international ""Guy Laroche"" trademark.
Before its acquisition, YGM Trading entered into a licence agreement with
Societe Guy Laroche in December last year which granted the former the right
to market ready-to-wear clothes bearing the French trademark in China, Hong
Kong, Macau and Taiwan.
""Through Societe Guy Laroche, the group is able to tap the value of the
well-known trademarks ""Guy Laroche and ""Mic Mac"" for which the group has
become the proprietary owner in furtherance of its business, in addition to
being an exclusive licencee for the manufacture and wholesale and marketing
of products,"" it said.
As of end-December, Societe Guy Laroche's audited net book value was at 1.
24 mln eur or about 11.6 mln hkd.
The company said the acquisition has prompted YGM Studio to raise funds
through the issue of ordinary and preferred shares to YGM Consortium, a unit
of YGM Trading.
YGM Consortium will subscribe to 21 mln ordinary shares and 46.8 mln
preferred shares at a total subscription price of 6 mln usd.
(1 usd = 7.8 hkd)
leonora.walet@afxasia.com
lw/rc
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