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2005-7-19 11:04:00 a.m. HKT, XFNA
Singapore's F&N unit to sell stake in Shanghai property co to another F&N unit
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SINGAPORE (XFN-ASIA) - Fraser & Neave said its unit CPL (China) Pte Ltd
has agreed to sell its 54.78 pct stake in Supreme Asia Investment Ltd to
another F&N subsidiary, Vision Century Corp, through the issue of new shares
valued at 327.8 mln hkd.
Supreme Asia's principal asset is its interest in a property development
project in Shanghai, China.
Vision Century, which is 50 pct-owned by F&N, will issue 1.73 bln new
shares to CPL China at 0.19 hkd per share.
F&N said its effective stake in Vision Century will rise to 55 pct upon
completion of the deal.
It said it will propose to change the name of Vision Century to Frasers
Property (China) Ltd.
(1 usd = 1.68 sgd; 7.8 hkd)
singapore@xfn.com
jb/mas
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