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2004-7-22 11:31:00 a.m. HKT, XFNA
Hong Kong-listed Vision Century sells unit for 102.5 mln yuan
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HONG KONG (AFX-ASIA) - Vision Century Corp Ltd said it sold for 102.5 mln
yuan its entire stake in unit Bohan Ltd, which holds a 25 pct stake in a
power plant in China's Anhui province.
""The group's intention is to focus on its core real estate business and
to divest its non-core assets,"" said the company in a legal notice.
The sale of Bohan, an indirect wholly-owned unit of Vision, will
translate to losses of 4 mln hkd which will be booked in its 2004 financial
year accounts, it said.
Bohan's consolidated net asset value stood at 98.7 mln hkd as of end-June.
The company sold the Bohan assets to Cosucess Investments Ltd through its
subsidiary, Vision Century Investments (China) Ltd.
(1 usd = 7.8 hkd, 8.3 yuan)
leonora.walet@afxasia.com
lw/rc
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