 |
|
  |
2007-1-11 02:43:00 p.m. HKT, XFNA
Hong Kong-listed Cosmopolitan Intl to buy Kola Glory for 70 mln hkd
|
| |
HONG KONG (XFN-ASIA) - Cosmopolitan International Holdings Ltd said it
has agreed to acquire Kola Glory Ltd from Paliburg Holdings Ltd for 70 mln
hkd.
Kola Glory owns Rainbow Lodge, a residential property in Yuen Long, the
New Territories. Rainbow Lodge comprises 10 residential duplex units with a
gross area of 19,720 square feet, the company said in a statement.
The 70 mln hkd consideration will be settled by 14 mln hkd in cash and
the balance of 56 mln hkd through the issue of convertible bonds at a
conversion price of 0.07 hkd, representing a discount of 62.26 pct to its
closing price of 0.185 hkd on Jan 3, the last trading day before suspension.
Upon full conversion of the bonds, 800 mln new shares will be issued,
representing 33.39 pct of the enlarged share capital of the company.
The company said the success in the property investment or other property
related projects will enhance profitability and its financial position, and
in the long term asset appreciation.
This will enable the company to attract more equity funds for the further
expansion of its investment projects, it added.
(1 usd = 7.8 hkd)
roby.lau@xfn.com
rl/km
xfnrl/xfnkm
MMMM
AFN |
| |
News Provided by XFNA |
| |
|
| Copyright(C) AASTOCKS.com Limited 2000. All rights reserved |
| |
|
|
|
