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2007-1-3 11:39:00 a.m. HKT, XFNA
Hong Kong-listed Global Green to raise stake in unit for 241 mln hkd
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HONG KONG (XFN-ASIA) - Global Green Tech Group Ltd said it agreed to pay
241 mln hkd in cash to acquire another 17 pct stake in unit Global Cosmetics
(HK) Co Ltd, raising its holding to 87 pct from 70.
The company said in a statement that it is increasing its stake to gain a
larger share of the unit's profits.
Last year, Global Cosmetics recorded a net profit of 73.9 mln hkd.
""The directors are optimistic about the future growth of cosmetics and
skin care products manufactured by Global Cosmetics,"" the company said.
It said it plans to use internal resources to fund the purchase.
(1 usd = 7.8 hkd)
leonora.walet@xfn.com
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