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2005-11-29 03:38:00 p.m. HKT, XFNA
HK-listed Sea Holdings unit to transfer some assets to new co for AIM listing
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HONG KONG (XFN-ASIA) - Sea Holdings Ltd said its 66.3-pct owned unit
Trans Tasman Properties is transferring its Asian real estate assets to a new
company which will be listed on London's Alternative Investment Market by
early January.
In a statement, the company said that Trans Tasman will focus on property
developments for sale through the new company, Asian Growth Properties (AGP),
while Sea Holdings will focus on property projects for investment.
It said Trans Tasman will also undertake an internal restructuring ahead
of AGP's listing on Jan 16.
Trans Tasman, a company listed on the New Zealand Exchange, will offer
shares of AGP to shareholders through a ""buyback offer.""
It said it plans either a full buyback of shares where Trans Tasman
shareholders may convert up to 75 pct of their Trans Tasman shareholding into
AGP shares, or a partial buyback where shareholders may convert only 48.75
pct of their shares for AGP stocks.
Under either plan, an AGP share will be issued for every two Trans Tasman
shares.
It said it will seek shareholders' approval for the buyback offer.
Sea Holdings said it intends to hold more than 50 pct of both AGP and
Trans Tasman following the listing and restructuring.
At 3.16 pm, Sea Holdings was up 0.025 hkd or 0.86 pct at 2.875.
(1 usd = 7.8 hkd)
leonora.walet@xfn.com
lw/rc
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